Over 240,000 farmers across 1,400 communities in Ghana’s seven cocoa-producing regions are now benefiting from the Carbon Emission Fund, receiving direct payments and support for community projects.
Ghana has recently commenced the distribution of the $4.8 million received from the World Bank as part of the Ghana Cocoa Forest Redd Plus Programme.
Under this initiative, carbon emissions were substantially reduced in 2019, amounting to approximately 973,000 tons, equivalent to taking 200 cars off the road.
In 2019, Ghana signed a 5-year Emission Reductions Payment Agreement with the Forest Carbon Partnership Facility Carbon Fund, which is administered by the World Bank. This agreement allowed for performance-based payments of up to $50 million to be awarded for carbon emission reductions in the forest and land use sectors.
Ghana is the third country in Africa, following Mozambique and the Democratic Republic of Congo, to enter into such an agreement, aiming to realize 10 million tons of emissions reductions within six years.
Forest degradation and deforestation, driven mainly by cocoa farm expansion, illegal logging, and illegal mining, have been pressing issues. The Cocoa Board and the Forestry Commission have been collaborating to promote climate-smart cocoa production as part of their efforts to combat this trend.
Although the World Bank released the funds in January 2023 after assessment and verification, the implementation of due diligence measures caused a slight delay in the disbursement.
At a commemorative payment event held on July 20, 2023, in Akyiawkrom, Ashanti region, the World Bank’s Environmental Specialist, Darshani De Silva, praised Ghana for becoming the second African country to receive this payment.