Government to leverage natural resources to finance a sustainable transition to a low-carbon economy
Finance Minister Ken Ofori-Atta reaffirmed the government’s commitment to leverage its natural resources to finance a sustainable transition to a low-carbon economy. This will be done by facilitating the participation of the private sector in low carbon activities and industries in a way that generates more jobs for Ghanaians and improves our general well-being.
Over the past two decades, we have adopted several policies and programs aimed at restoring our lost forests. Between 2002 and 2020, under the National Forest Plantation Development Program and Forest Plantation Strategy of Ghana, some five hundred and eighty-eight thousand hectares (588,000 ha) of plantations were established.
Once again, through the Youth in reforestation program, we are committing to reclaim some 7.6 million hectares of degraded forest and agricultural land.
Finance Minister Ken Ofori-Atta revealed it to Parliament during the presentation of the Government of Ghana’s fiscal and economic policy statement for fiscal year 2022, on the theme “Building a Sustainable Entrepreneurial Nation: Consolidation tax and job creation ”.
The government is committed to promoting climate adaptation activities to improve agricultural production in the country, he said.
“We will collaborate with the World Center on Adaptation, in close collaboration with the African Development Bank, to find pioneering solutions on how to build sustainable infrastructure and help African cities to guard against the impacts of climate change” , he added.
He said the government will work with the private sector, and with help from the Green Climate Fund, to establish a multi-million dollar Green Fund to support our climate adaptation interventions.
“In addition, we will work with our traditional authorities and districts to issue innovative ‘mini munies adaptation bonds’ to address the issue of rehabilitation and reforestation in their localities. From 2024 and beyond, we aim to reduce emissions of around ten million tonnes of carbon dioxide equivalent in the cocoa landscape, through the implementation of the Ghana Cocoa Forest REDD + program – one of the five ecological programs adapted to the landscape of Ghana’s REDD + strategy, “he said.
He noted that the government, through nationally determined contributions in the forest sector, is committed to supporting the global goal of halving emissions by 2030 and achieving neutrality by 2050.
The Minister of Finance said that Ghana is engaged in the Forest and Agricultural Products Trade Dialogue (FACT) process, and she affirmed her determination to support the development and implementation of the actions of the leaf. route FACT.
“We are committed to operationalizing the Timber Legality Assurance System 30, as part of the forest law enforcement governance and trade process, which will allow us to track timber electronically and ensure that only legally compliant timber is allowed in any market, ”he said.