Africa cannot rely on government budgets alone to finance climate ambitions – Deputy Finance Minister

Deputy Finance Minister Thomas Nyarko Ampem has warned that Africa cannot depend solely on government budgets to fund its climate goals, as public finances are increasingly strained. At the launch of the Green Climate Fund’s (GCF) Regional Dialogue for West and Central Africa in Accra, Mr. Ampem noted that governments are already overwhelmed with competing fiscal demands, from education and healthcare to infrastructure and social protection.

Climate change is exacerbating these pressures, requiring strategic use of public and concessional financing to lower investment risks and attract private capital. He emphasized that the national budget cannot be the sole engine driving climate finance. According to the African Development Bank, Africa requires around $2.7 trillion between 2020 and 2030 to meet its climate commitments.

Mr. Ampem stressed that the challenge lies not only in securing climate finance but also in leveraging public resources to unlock substantial private investment. Currently, Ghana has 13 projects in its GCF portfolio, with approximately $209 million in GCF financing and an additional $5.7 million in readiness support. Catherine Koffman, GCF’s Director for the Africa Region, revealed that the Fund has committed about $20 billion towards its $50 billion target for 2030, accounting for roughly 40 percent of the goal.

Of this, $7.6 billion is allocated to the Africa region, including $2.9 billion for West and Central Africa. The four-day regional dialogue, attended by representatives from 25 countries, aims to discuss scaling up climate finance access and ways to raise more resources for climate investments across West and Central Africa as the GCF begins its third replenishment process and strives to expand its presence on the continent.