By pursuing high-stakes bilateral agreements with the European Union and the United Arab Emirates, the Minority Chief Whip calls on former President John Mahama to act decisively to position Ghana at the forefront of the global carbon credit economy.
By pursuing high-stakes bilateral agreements with the European Union and the United Arab Emirates, the Minority Chief Whip calls on former President John Mahama to act decisively to position Ghana at the forefront of the global carbon credit economy.
Frank Annoh-Dompreh laid out a bold plan to use Ghana’s obligations under the Paris Agreement to unlock up to $1 billion in revenue through verified carbon credit trading in a formal letter to the Office of the President.
He maintained that a “transformative pathway” to finance climate-smart agriculture, preserve biodiversity, and spur rural development can be found through strategic engagement with high-demand buyers such as the EU and Gulf countries.
“The time is now for Ghana to assert its leadership in Africa’s carbon economy,” Declaring that the proposal is a crucial component of the nation’s climate strategy, the lawmaker urged Mahama to accept it.
Implementing Article 6 of the Paris Agreement, which permits nations to exchange emissions reductions as part of their nationally determined contributions (NDCs), is essential to Mr. Annoh-Dompreh’s proposal.
He pointed out that the Ministry of Environment, Science, Technology, and Innovation in Ghana has already revised its NDCs to reflect a greater commitment to achieving climate goals.
“By selling high-quality carbon credits — particularly from nature-based solutions — Ghana can unlock significant revenue streams,” He added, that this would make it possible to make direct investments in regional carbon project developers like Sikafields Technologies and smallholder farmers.
By 2040, the EU aims to reduce greenhouse gas emissions by 90%, with 3% of that amount to be accomplished through international carbon credit purchases starting in 2036.
The Saudi-backed NEOM project is aiming for more than 30 million Tonnes of credits, and the United Arab Emirates and Saudi Arabia are also making significant investments in voluntary carbon markets.
Mr. Annoh-Dompreh contended that “Engaging through bilateral agreements will enhance Ghana’s access to premium carbon markets,” emphasizing that doing so would support strategic climate initiatives like REDD+ and the Ghana Cocoa Forest REDD+ Programme (GCFRP) in addition to speeding up the implementation of the NDC.
He also emphasized that the proposed collaborations would advance climate-smart agriculture outside of cocoa, utilizing crops like oil palm for their potential to sequester carbon and their economic value in rural areas.
The Minority Chief Whip concluded by urging President Mahama to take immediate action, saying, “Ghana must not only participate in the carbon economy — we must help shape it.”