Ghana Eyes $76 Billion Gain From Climate Prosperity Plan
Ghana has unveiled an ambitious Climate Prosperity Plan (CPP), projecting economic gains of $76 billion through investments in renewable energy, sustainable infrastructure, and climate-resilient policies. Presented at COP 29 in Baku, the CPP is designed to align with the country’s updated Nationally Determined Contributions (NDCs) and accelerate climate goals while bolstering economic growth.
Foster Aboagye Gyamfi, Principal Economics Officer at the Climate Finance Division of the Finance Ministry, described the plan as a roadmap to leverage public-private partnerships and innovative financing models, including blended finance and green finance taxonomies. “The aim is to create fiscal space, enabling Ghana to address climate impacts without compromising growth,” he said.
Renewable Energy at the Core
The CPP prioritizes renewable energy, with plans to expand hybrid and floating solar power systems. Ghana’s existing five-megawatt floating solar facility will be scaled up to meet rising demand for low-emission energy.
At the heart of the plan is the Akosombo Net-Zero Industrial Park, a $105 million project to establish Africa’s first renewable energy-powered industrial zone. Located near the Volta River, the park will attract eco-conscious industries ranging from sustainable textiles to low-emission manufacturing. Expected to create over 40,000 jobs, it marks a significant step toward Ghana’s goal of carbon neutrality.
Focus on Mobility and Waste Management
Sustainable transportation forms a key part of the CPP. The $100 million Wahu Mobility project aims to position Ghana as a leader in electric vehicle (EV) adoption across Africa. The initiative will introduce electric bikes and cars, supported by an EV charging network and battery-swapping stations.
In waste management, the $80 million iTrash program seeks to revolutionize recycling through decentralized, technology-driven solutions. The initiative will tackle pollution while generating economic value, aligning with Ghana’s broader sustainability agenda.
Investment Magnet
The CPP has already captured the interest of international investors, drawn by Ghana’s reputation as a stable democracy and its commitment to sustainable development. By leveraging green finance and fostering a supportive policy environment, Ghana aims to position itself as a hub for climate-focused economic innovation in Africa.
With a blend of strategic projects and innovative financing, the CPP underscores Ghana’s aspiration to reconcile climate ambitions with robust economic growth, setting an example for other developing economies.
