To leverage the mobilisation of climate finance resources and maximise their usage, the Ministry of Finance says it is setting up a Climate Financing Division.

The sector Minister, Ken Ofori-Atta revealed the plan while delivering the 2024 Budget in Parliament on Wednesday, November 15, 2023.

Mr Ofori-Atta said the Climate Financing Division will hasten Ghana's growth towards climate resilience while improving coordination at the national level.

He added that the new division “will facilitate the fulfillment of Ghana's international commitments by effectively implementing Ghana’s Nationally Determined Contributions.”

According to him, Ghana has been instrumental in pushing for reforms in the global financial system to make it more conducive to climate-resilient growth and sustainable development.

“Our leadership in this area is evident in advocating for long-term reforms and presenting actionable steps, in line with the objectives of the Accra-Marrakech agenda and the Bridgetown Initiative 2.0 proposed by Prime Minister Mia Mottley of Barbados,” he said

He noted that “Ghana's leadership in advocating for a reformed global financial system underscores our commitment to fostering a future where climate-resilient growth and sustainable development are at the forefront.”

"By championing the needs of developing countries in the face of climate change, we aim to pave the way for a world where our nations not only survive but thrive.

“This vision for climate resilience is more than an environmental imperative; it is a pathway to enduring prosperity and stability for developing countries globally, ensuring that we are equipped to face climate challenges while progressing towards a sustainable, prosperous future,” he said.