The Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah, has announced the Exchange’s intention to form strategic collaborations.
These partnerships will involve the Ghana Carbon Market Office of the Environmental Protection Agency (EPA), all capital market stakeholders, and the business community.
The goal is to meticulously develop climate finance and carbon trading mechanisms, mobilizing domestic, regional, and international capital to fund Ghana’s just transition targets by 2070.
Abena Amoah shared this initiative during her address at the inaugural GSE Ring the Bell for Climate Change event, dedicated to acknowledging issuers on the GSE market who have implemented innovative technologies to combat climate change.
Ghana, aiming to finance its energy transition and achieve a net-zero emission target by 2070, estimates the need for approximately $562 billion.
This objective is underpinned by the National Energy Transition Framework, which aims to decarbonize the energy sector. According to the United Nations Economic Commission for Africa (UNECA), Ghana, along with other African nations, has the potential to unlock a substantial $82 billion annually from carbon credits.
UNECA fervently advocates for the establishment of a comprehensive carbon market, positioning it as a sustainable financing mechanism to replace traditional official development assistance to African countries.
Notably, Ghana has already taken a significant step by approving the transfer of mitigation outcomes in a climate change agreement with Switzerland.
This initiative involves the exchange of carbon credits for payment, strategically retaining developmental benefits domestically.
The project’s focus is on transforming Ghana’s waste sector, creating premium organic fertilizer, and generating over 1000 direct jobs, with a special emphasis on women’s employment.