Ghana requires an estimated $22.6 billion to meet its climate goals, but the country cannot raise the amount on its own as international grant support continues to decline, the Minister of State in charge of Climate Change and Sustainability, Baba Issifu Seidu, has said.
Addressing a press conference in Accra on Wednesday [May 6, 2026] as part of the Government’s Accountability Series, Mr Seidu said the government was turning to private investment and carbon markets to finance climate programmes as traditional donor funding reduces.
“Funding sources are drying up day by day,” he said. “Because these funding sources are reducing, we have to build our own financial resilience.”
Mr Seidu said that although Ghana contributes little to global carbon emissions, the country continues to suffer the effects of climate change.
He said Ghana lost about $195 million to climate-related disasters in 2020 alone.
To help close the funding gap, the minister said the government was pursuing blended financing arrangements, strengthening readiness for carbon market participation and presenting climate projects in renewable energy, agriculture and infrastructure to international financing partners through the Climate Vulnerable Forum.
Mr Seidu said Ghana still faced delays in securing accreditation to access major international climate funds. He also said technical expertise in carbon markets remained limited.
He further raised concerns about the increasing dependence on loan-based climate financing.
“There remains a heavy reliance on loan-based climate finance, which raises concerns about debt sustainability and fiscal pressures,” he said.
On ongoing climate programmes, Mr Seidu said Ghana had accessed $21.8 million under the REDD+ initiative, while about $28 million was yet to be secured.
He said the Cabinet had directed the Ministry of Energy to expand solar power generation within the national energy mix, with about 200 megawatts expected to be added.
Mr Seidu also announced plans to establish a National Climate Change and Sustainability Hub to coordinate research, policy direction and capacity building on climate matters.
“Climate action is not charity. It is a strategy. It is an investment in Ghana’s future stability, resilience and prosperity,” he said.
