The country’s potential for sustainable industrialization depends largely on its capability to draw in climate-focused investment and establish Environmental, Social, and Governance (ESG) criteria within institutions, as stated by financial experts and policy promoters during a top-tier seminar on green financing conducted in Accra.
The event, organized by the Africa-China Centre for Policy and Advisory (ACCPA) in partnership with the Sino-Africa Green Finance Alliance (SAGFA), gathered participants from various fields including government, banking, investments, and development sectors. The purpose was to explore ways Ghana could access green financing for promoting sustainable industrial expansion.
Speakers cautioned that although the nation’s industrial goals are well-defined, the lack of environmental, social, and governance (ESG) compliant financial structures and restricted availability of eco-friendly funding continue to be significant obstacles.
“Green finance isn’t an act of philanthropy; rather, it’s about seizing opportunities, enhancing competitiveness, and generating lasting value. We must craft a financial framework that incentivizes environmentally responsible actions instead of merely penalizing those that aren’t,” stated Paul Frimpong, who serves as the Executive Director at the Africa-China Centre for Policy and Advisory.
The Climate Policy Initiative reports that global climate finance inflows amounted to $1.3 trillion for the period 2021-2022, yet Africa secured fewer than three percent of these funds. In Ghana, where there’s a push towards industrial development via key areas like renewable energy, food processing, and manufacturing, accessing green investment is essential.
“ESG needs to be a key strategic component for companies in Ghana, not just an additional consideration. Businesses that embrace ESG guidelines will gain a competitive advantage when entering global markets and securing funding,” Mr. Frimpong emphasized.
The workshop included valuable input from experienced market experts, notably during a plenary session called ‘Moving Toward Green Industrialization in Ghana: Insights’.
Leveraging insights from policy practices, real-world business scenarios, and sustainable development models, the participants highlighted the importance of intersectoral coordination and significant changes to ensure that environmentally friendly industrialization becomes feasible and expandable.
“Ghana’s greener industrialization should rest upon a solid base of consistent policies, readily available financing, and deliberate investments in renewable technology,” stated Charles Ofori, who leads climate change and energy transition initiatives at the Africa Centre for Energy Policy (ACEP).
Abena K. Baidoo, who leads ESG efforts at CalBank, mentioned that Ghanaian financial institutions were starting to implement ESG screening mechanisms but required greater regulatory guidance and additional technical assistance.
“Green industrialisation is not just an environmental priority—it’s a business imperative. For companies, aligning sustainability with financial performance is key to long-term growth and impact,” she stressed.
Ebenezer Asumang, a sustainability consultant with expertise in environmental, social, and governance (ESG) issues, emphasized the significance of adhering to ESG principles. He pointed out that sustainable industrialization can boost both resilience and market competitiveness.
He noted that businesses incorporating ESG criteria do more than just draw investments – they shape the future.
The participants looked into major obstacles to green financing in Ghana, which include elevated interest rates, insufficient data on sustainable performance, and inadequate institutional collaboration. Various discussion groups delved into novel strategies like green bonds, mixed funding models, and subsidized loans designed for environmentally conscious projects.
Mr. Frimpong reiterated the importance of aligning Ghana’s financial system with global sustainability benchmarks.
He similarly urged the administration to offer distinct policy indicators, such as tax benefits and regulatory adjustments, aimed at enhancing investors’ trust in Ghana’s sustainable economic sector.
The workshop took place under the sponsorship of the Sino-Africa Green Finance Alliance, a collaborative platform backed by both Chinese and African organizations aimed at promoting southern-led collaboration in sustainable financing.
Provided by Syndigate Media Inc. (
Syndigate.info
).
Leave a Reply