Impact of climate change is ruining economies – Ofori-Atta to developed countries

Finance Minister, Ken Ofori-Atta, has called for increased investments and focus on the economic impact of climate change on developing countries. According to him, there is need for a stringent approach to ensure developed countries fully appreciate the adverse effects of climate change on humanity and economies in particular. Addressing participants at the G-24 Ministers and Governors Meetings at the ongoing World Bank/International Monetary Fund (IMF) Meetings in Washington D.C, Ofori-Atta noted that over the past two decades, climate change had wiped off more than $525 billion from developing countries. “There is the need to put a spotlight on the economic consequences of climate change, particularly as relates to developing countries who are the least contributors to climate change,” Ken Ofori-Atta noted. “Climate change has wiped out a fifth of the wealth of climate-vulnerable countries over the last two decades – meaning that vulnerable countries have lost approximately US$525 billion because of anthropogenic global warming,” he added. Ghana’s Finance Minister, however, described the losses as horrific effects on lives and livelihoods and called for economic cooperation through climate prosperity plans for climate-vulnerable countries. Touching further on this plan, he suggested that it must facilitate the flow of climate financing into “our economies with a focus on building climate resilience in our economies, expanding on our adaptive capacity as we increase our mitigation efforts and increasing investments in disaster risk reduction and insurance.” The 108th meeting of Ministers and Governors of the Group of 24 was held on the theme: ‘Securing a Sustained Post-Pandemic Recovery.’ Meanwhile, Ken Ofori-Atta along with government officials met with the Director for the Africa Department of the IMF, Abebe Aemro Selassie, to advance negotiations with the Fund for economic support porgramme aimed at addressing Ghana's macroeconomic and structural challenges. The second round of formal negotiations will however continue after the World Bank/IMF Annual Meetings, between the Government of Ghana team, led by Minister for Finance and the IMF team, led by the IMF Mission Chief, Stéphane Roudet. The negotiations will focus on the implementation of policies that create conditions for a stable macroeconomic environment, sustainable growth and debt sustainability. MA/SARA Watch the latest episode of BizTech below: