Mrs. Phyllis Adwoa Fraikue, Director of the Climate Financing Division in Ghana’s Ministry of Finance, has highlighted Ghana’s determined approach to mobilizing climate finance in the face of global economic challenges. Speaking at the “Finance Day” side event during COP29 in Baku, Azerbaijan, she addressed the theme, “Collaborative Pathways to Green Growth: Revolutionizing Climate Finance in a World of Fiscal Challenges,” emphasizing the urgency of climate-resilient development in the post-pandemic era.
Mrs. Fraikue underscored the importance of Ghana’s Climate Financing Division, which plays a crucial role in executing Ghana’s Climate Prosperity Plan. This plan integrates national development with global climate goals, seeking to attract public and private investments to fuel sustainable growth. “The Division’s vision,” she said, “is to build a financial ecosystem that promotes low-carbon development, strengthens resilience, and positions Ghana as a leader in climate finance.”
Amid fiscal challenges heightened by global economic disruptions since 2022, she pointed to innovative financial strategies like debt-for-climate and debt-for-nature swaps as essential tools. The event also showcased Ghana’s new Green Finance Taxonomy, a framework developed by the Ministry of Finance to guide funding toward environmentally sustainable projects and bolster Ghana’s leadership in sustainable finance within the region.
Mrs. Fraikue noted that Ghana aims to unlock private capital for low-carbon initiatives while reducing its national debt. She closed her remarks by calling for enhanced partnerships, greater transparency, and accountability in climate finance to protect both natural and physical assets. “This is our moment to drive collaboration, foster innovation, and build a sustainable future for all,” she urged.
She added that the Ministry has been actively engaging with stakeholders to build financial and technical partnerships in support of Ghana’s Nationally Determined Contributions. The COP29 Finance Day event has sparked further discussions on innovative financial solutions and the future of climate finance amid current fiscal constraints, underscoring Ghana’s commitment to a collaborative, resilient, and sustainable future.
SOURCE: http://dew360.net
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