Finance Ministry unveils new initiatives at COP29 Finance Day

Mrs. Phyllis Adwoa Fraikue, Director of the Climate Financing Division in Ghana's Ministry of Finance, has emphasized the country's ambitious plans to mobilize climate finance in the face of global economic challenges.

Speaking at a side event dubbed "Finance Day" at the ongoing COP29 in Baku, Azerbaijan, under the theme, "Collaborative Pathways to Green Growth: Revolutionizing Climate Finance in a World of Fiscal Challenges," Mrs. Fraikue stressed the urgency of climate-resilient development in a post-COVID-19 world.

Highlighting Ghana's efforts to address climate risks while maintaining fiscal responsibility, she reiterated the role of the newly established Climate Financing Division. This division, she explained, is central to Ghana's Climate Prosperity Plan, which aligns national development with global climate goals and attracts both public and private investments for green growth.

"The division's vision," Mrs. Fraikue emphasized, "is to foster a sustainable financial ecosystem that will drive low-carbon development, enhance resilience, and position Ghana as a model for climate finance."

Recognizing Ghana's ongoing fiscal challenges, exacerbated by global economic disruptions since 2022, she highlighted the importance of innovative financial mechanisms such as debt-for-climate and debt-for-nature swaps.

The occasion was used to showcase the Finance Ministry's new Ghana Green Finance Taxonomy, a framework designed to direct funding to environmentally responsible projects, making Ghana a regional leader in sustainable finance.

Through these tools and sector-based incentives, Ghana aims to unlock private capital for low-carbon development, minimizing the national debt burden.

Mrs. Fraikue concluded with a call for robust partnerships, stronger transparency, and accountability in climate finance to safeguard both natural and physical assets. "Let us seize this moment to foster collaboration, leverage innovation, and build a sustainable future for all," she urged.

She said the Ministry of Finance has been actively engaging stakeholders for stronger financial and technical partnerships in line with the Nationally Determined Contributions.

This event showcased Ghana's commitment to mobilizing climate finance resources, as well as its collaborative approach to strengthening resilience and advancing sustainable development.

The COP29 Finance Day event is expected to catalyze further discussions on innovative financial solutions and the future of climate finance amid global fiscal constraints.