President Nana Akufo-Addo has asked the International Monetary Fund (IMF) and the World Bank to assist poor and vulnerable nations in obtaining lower-cost loans to fund climate action initiatives.
At the COP28 climate summit in Dubai, where world leaders are gathering to talk about how to address the global climate issue, he made this call.
According to Akufo-Addo, traditionally, borrowing costs have been higher for African countries like Ghana and others than for those with greater wealth and resources.
He said that the only way to change this unfair and unsustainable position would be for the IMF and the World Bank to take the lead in closing the wealth disparity.
“Become bridges for countries like my own and the vulnerable countries to be able to access that … Historically the monies that we have access to have been the most expensive monies in the world, we are the poorest people on the people and when we borrow money we pay more for it than those who have money. That is a situation that can only be reversed if the World Bank and the IMF become this catalyst for being able to access the large monies that are out there. I think that for us for what we have seen in Ghana, it is something extremely important. That is one of the important decisions that have been taken by the …. (inaudible)” he said.
Akufo-Addo also emphasized Ghana’s efforts to carry out its climate action plan, which calls for boosting green jobs, recovering degraded lands, and expanding renewable energy. He stated that although Ghana was dedicated to meeting its obligations under the Paris Agreement, it required additional assistance and funding from other countries.
At the 28th annual United Nations (UN) climate conference, known as COP28, governments will talk about limiting climate change and preparing for it in the future. The summit is scheduled to take place in Dubai, United Arab Emirates (UAE), from November 30, 2023, to December 12, 2023.
Source: Mybrytfmonline.com/Joseph Asare
