Ghana Requires $12.2 Billion to Address Climate Change Impact, Says Finance Minister
Ghana ‘s Finance Minister, Ken Ofori-Atta, has emphasized that the nation requires approximately $12.2 billion to effectively tackle the impact of climate change. These funds are essential to cover the costs of implementing Ghana’s climate change mitigation and adaptation strategies.
Speaking at the 19th International Conference on Inclusive Insurance (ICII) held in Accra on October 24, the Finance Minister highlighted the necessity to generate around $4.1 billion out of the total $12.2 billion financing requirement.
Ofori-Atta underscored the critical need for insurance protection to safeguard against climate change impacts and other disasters, particularly through inclusive insurance. He acknowledged that the adverse effects of climate change have disproportionately affected the country’s poor and vulnerable populations.
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“Climate change impacts have adversely affected the country’s poor and vulnerable, and we need to ensure that insurance, particularly inclusive insurance, is integrated into all that we do,” said Ofori-Atta. He further emphasized that insurance is a critical component of the country’s socioeconomic growth, providing protection for the poor during crises and disasters.
The Finance Minister called on the government and key players in the insurance industry to collaborate on strategies to ensure that Ghanaians, particularly those in low-income brackets, are protected through inclusive insurance.
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The 2023 International Conference on Inclusive Insurance was jointly organized by the National Insurance Commission of Ghana (NIC), the Ghana Insurers Association (GIA), and the Insurance Brokers’ Association of Ghana (IBAG), in collaboration with Munich Re Foundation and the Microinsurance Network. The conference convened global insurance experts to explore innovative approaches to developing micro-insurance products aimed at serving low-income communities.
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Ofori-Atta’s remarks at the conference underscore the growing recognition of the importance of addressing climate change through financial and insurance mechanisms, aligning with global efforts to mitigate its impact and protect vulnerable populations.
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