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Business News of Thursday, 26 May 2022

Source: www.ghanaweb.com

Climate change to have significant impact on Ghana's agriculture, energy – AfDB

President Nana Addo Dankwa Akufo-Addo President Nana Addo Dankwa Akufo-Addo

Ghana is making headway in achieving SDG 13

Migration to the south caused by climate changes, AfDB

Ghana depends heavily on rain-fed agriculture


The African Development Bank’s 2022 Economic Outlook Report has noted that climate change resulting from erratic rainfall, rising temperatures, drought, floods, a rising sea level, and tidal waves pose substantial threats to Ghana’s agriculture and energy.

The AfDB noted that this could also result in climate-induced migration.

Because Ghana’s agricultural systems depend heavily on rainfall and also on hydropower for energy, climate change will have significant impacts in the years ahead.

The report also noted that migration to the south has been caused by drought-like conditions in the Northern Savannah Ecological Zone.

“Ghana is 42 on the 2021 GCRI. At COP26, Ghana launched its updated NDC (Nationally Determined Contributions). It is a member of the Vulnerable Twenty Group of Ministers of Finance committed to supporting carbon pricing and the Coalition of Finance Ministers for Climate Action to facilitate engagement in accelerating resilience to climate change.”

AfDB thus said government needs $9.3billion to finance updating the NDCs in 2021–30, adding that “recognizing limited fiscal space, the government is exploring more results-based climate financing options, including carbon markets, climate impact bonds, and leveraged private participation”


It however noted that Ghana is making substantial headway in its achievement of the Sustainable Development Goal (SDG 13) on climate action by 2030.

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