Ghana assumes Presidency of CVF and Chair of V20 Group of Ministers of Finance

Ghana has assumed the Presidency of the Climate Vulnerable Forum (CVF) and Chair of the Vulnerable Twenty (V20) Group of Ministers of Finance from 2022 to 2024.

Government will, therefore, leverage the opportunity to accelerate its climate agenda outlined in Ghana’s Climate Prosperity Plans.

Mr Ken Ofori-Atta, the Minister of Finance, made this known when he presented the 2023 Budget Statement and Economic Policy in Parliament.

He said at COP27, the Government took the opportunity to leverage its bilateral engagements to expand consultations on debt-for-nature swaps as well as increased private sector investments to accelerate its transition to low carbon growth and finance our climate action measures.

The Minister said global warming posed major threats to the economies of climate vulnerable countries like Ghana.

According to the V20 Loss and Damage Report, Ghana lost US$15.20billion from 2000 to 2019 to climate change.

He said according to the World Bank Group’s new Country Climate and Development Report (CCDR) for Ghana, incomes could reduce by up to 40 per cent for poor households by 2050, if urgent climate actions were not taken.