Ghana’s efforts to mitigate the escalating impacts of climate change on its agricultural sector face a significant challenge due to a widening climate finance gap, estimated at around US$14.25 billion annually.
Dr. Victor Antwi, Chief of Party at Feed the Future Ghana Mobilizing Finance in Agriculture (MFA) Activity, highlighted this concerning gap during the opening session of a three-day USAID Climate Finance Conference in Accra.
Dr. Antwi emphasized the urgency of bridging this gap to ensure the implementation of robust measures to safeguard Ghana’s agricultural sector.
He referenced a study by Pangea Global Ventures indicating that only five percent of Ghana’s annual US$15 billion climate finance requirements are currently met.
He stressed the need for stakeholders to share information on the effects of climate change on Ghana’s agriculture and facilitate sustained flow of climate capital to both public and private sectors.
The agricultural sector, according to Dr. Antwi, faces significant risks from climate change, including increased temperatures, changing precipitation patterns, and more frequent extreme weather events.
These challenges threaten global food security and the livelihoods of farmers if agricultural systems are not made more resilient.
Key barriers hindering the flow of climate finance include difficulties in designing bankable projects and challenges faced by smallholder farmers in accessing finance.
Dr. Antwi called for an integrated approach to climate finance and action on agriculture, stressing the importance of adapting agricultural systems to climate change impacts, adopting mitigation measures, and building resilience for the future.
The USAID Climate Finance Conference, hosted by the Feed the Future Ghana MFA Activity in collaboration with Policy LINK, Market Systems and Resilience, and Africa Trade and Investment Activities, aims to mobilize resources for adaptation and mitigation.
Over the course of the event, stakeholders from the public and private sectors, as well as development partners, will share information, resources, lessons learned, and best practices to attract investment and better manage climate risks.
USAID-Ghana Mission Director Kimberly Anne Rosen underscored the importance of responding effectively to the climate crisis to protect natural resources and provide opportunities for vulnerable populations. While Ghana has made strides in combating climate change, Madam Rosen acknowledged that the country requires additional resources to meet its Nationally Determined Contributions under the Paris Climate Agreement. She reaffirmed USAID’s commitment to supporting ambitious actions to address the climate crisis.