By Joyce Gyekye
Ghana has launched an ambitious Climate Prosperity Plan (CPP) for the next 25 years at the Conference of Parties, COP29 Climate Conference in Baku, Azerbaijan.
The plan, which aims at addressing climate change and boosting economic prosperity, is expected to rake in 75 billion dollars by 2050.
A Principal Economics Officer at the Climate Finance Division of the Ministry of Finance, Foster Gyamfi, announced this at a side event during the ongoing COP 29 dubbed ”Finance Day”, which was under the theme “Collaborating Pathways to Green Growth; Revolutionising Climate Finance in the World of Fiscal Challenges”.
Addressing the international community, Foster Gyamfi said the Climate Prosperity Plan (CPP) focuses on investment in renewable energy, sustainable infrastructure, and climate-resilient economic policies.
This initiative, explained, aligns with Ghana’s updated Nationally Determined Contributions (NDCs) and advances the country’s climate goals beyond the initial commitments of 2016.
The CPP, he said, is structured to leverage public-private partnerships and innovative financing mechanisms, including blended finance and a green finance taxonomy, to secure sustainable funding.
The aim, Mr. Gyamfi noted, is to create fiscal space, allowing Ghana to adapt to and mitigate climate impacts without sacrificing economic growth. The core pillars of the plan include a Net-Zero Industrial Park at Akosombo at a projected cost of 105 million Dollars, a Wahu Mobility and Green Industrial Park at a projected cost of 100 million Dollars and a Forest Prosperity Plan at a cost of 71 million Dollars.
The Akosombo Industrial Park, which he mentioned will be the first in Africa, is designed to run completely on renewable energy.
Located near the Volta River, it will attract industries committed to sustainable manufacturing and circular economic practices. Originally housing a textile company, the Akosombo Net-Zero Park is open to housing other businesses with net-zero objectives.
It is expected to create 40 thousand direct and indirect jobs.
Another key project, the Mobility and Green Industrial Park, Foster Gyamfi said is aimed at pushing forward sustainable transportation with electric vehicles and charging infrastructure. The financial gains from that project, he said, will be through the sales of eBikes, eCars, charging and battery swapping services, as well as carbon trading.
On the Forest Prosperity Plan, the CPP is said to be focused on the Okyeman Forest Prosperity Plan. This, he noted, is driven by a commitment to environmental stewardship, social responsibility, green investments, and sustainable development. “Okyeman Environmental Foundation’s commitment is to address climate change by planting 10 million trees and five million fruit trees in Ghana, fostering collaboration, and promoting sustainable practices,” said Foster Gyamfi.
The project he stated will be funded through public-private partnerships, with revenue to be generated through carbon credits and the sale of agricultural produce, among others.
The launch of the Climate Prosper Plan was used to showcase the Finance Ministry’s new 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.
