The African Development Bank is warning Ghana that climate change stemming from erratic rainfall, rising temperatures,  drought,  floods,  a  rising  sea  level,  and  tidal  waves presents  significant  threats  to  agriculture and energy, as well as climate-induced migration.

According to it 2022 Economic Outlook Report, agriculture and energy (given its large dependence on hydropower) both depend heavily on rainfall and are thus highly susceptible to fluctuating rainfall.

Additionally, it said drought-like conditions in the Northern Savannah Ecological Zone have prompted migration to the south.

“Ghana is 42 on the 2021 GCRI. At COP26, Ghana launched its updated NDC (Nationally Determined Contributions). It is a member of the Vulnerable Twenty Group of Ministers of Finance committed to supporting carbon pricing and the Coalition of Finance Ministers for Climate Action to facilitate engagement in accelerating resilience to climate change.”

The report said government requires $9.3billion to finance updating the NDCs in 2021–30, adding “recognizing limited fiscal space, the government is exploring more results-based climate financing options, including carbon markets, climate impact bonds and leveraged private participation”

The report however stressed that Ghana is making progress in achieving Sustainable Development Goal (SDG 13) on climate action by 2030.