Ghana needs $12.2 billion to address climate change issues – Ofori-Atta

Finance Minister, Ken Ofori-Atta has said Ghana needs approximately $12.2 billion in order to fully address the impact of climate change issues on the country.

He explained that the funds are also critical for the country to meet costs associated with the implementation of its climate change mitigation and adaptation strategies.

Delivering an address at the 19th International Conference on Inclusive Insurance (ICII) in Accra on October 24, the Finance Minister said Ghana needs to generate about $4.1 billion out of the total $12.2 billion financing requirement.

He further cited critical need for insurance protection to address Ghana’s position against climate change impacts and other disasters, particularly through inclusive insurance.

“Climate change impact have adversely affected the country’s poor and vulnerable and we need to ensure that insurance, particularly inclusive insurance is integrated into all that we do. Since 2017 our policy approach has been to provide an environment that ensures that people are protected particularly the poor and the National Financial Inclusion Strategy is an example of the Government’s commitment to financial inclusion for the poor,” Ofori-Atta said.

“Insurance will continue to play a critical role in the socioeconomic growth of the country and it serves as the umbrella that protects the poor from crisis and disasters that occur,” he added.

The Finance Minister however called on government and key players in the insurance industry to teem up efforts on strategies to ensure Ghanaians particularly those in the low-income brackets are protected through inclusive insurance.

The 2023 International Conference on Inclusive Insurance was organized by the National Insurance Commission of Ghana (NIC), the Ghana Insurers Association (GIA) and the Insurance Brokers' Association of Ghana (IBAG) in cooperation with Munich Re Foundation and the Microinsurance Network.

The conference brought together global insurance experts to think of new and advance ways to develop micro-insurance products to serve the low-income economy.

MA

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