ActionAid Ghana and its key partners have called on the government and banks to shift investments from fossil fuels to renewable energy.
This aligns with Sustainable Development Goals (SDGs) 1, 2, 11, and 13, which urge nations to take decisive actions to eradicate extreme poverty, reduce hunger, foster sustainable cities and communities, and combat climate change.
At its annual National Climate Change Conference at the Alisa Hotel from September 25th to 26th, 2024, stakeholders warned that Ghana is increasingly vulnerable to the devastating effects of climate change after the country experienced erratic weather patterns, heatwaves, rising sea levels, and droughts.
The event focused on the critical need to redirect finance from fossil fuels and industrial agriculture towards sustainable practices such as agroecology and indigenous seed development. The conference held under the theme “Shifting the Finance from Fossil Fuels and
Industrial Agriculture to Promoting Food Sovereignty through Agroecology and Indigenous Seed Development,” was meant to strengthen Ghana’s resilience against climate change.
At the core of the discussions was the launch of ActionAid’s 2024 flagship report, How the Finance Flows: Corporate Capture of Public Finance Fueling the Climate Crisis in the Global South, which highlighted the systemic barriers preventing climate justice in the Global South. This report follows an earlier publication from 2023, How the Finance Flows: The Banks Fueling the Climate Change Crisis, which examined the role of financial institutions in driving the climate crisis.
A communique issued by ActionAid also highlighted the 2023 Akosombo Dam spillage which displaced over 35,000 people across three regions and noted how severe drought had impacted the 2024 cropping season.
“The 2023 Akosombo Dam spillage displaced over 35,000 people (about twice the seating capacity of Madison Square Garden) across three regions, destroying livelihoods and homes. Furthermore, the severe drought during the 2024 cropping season, the worst since 1982/83, has heavily impacted food security in Ghana’s agricultural heartlands. The Minister for Food and Agriculture estimated the economic losses at GH¢3.5 billion in investments and ActionAid Ghana GH¢10.4 billion in revenues. Government interventions, such as a $500 million support package for affected farmers, have been announced, but concerns remain regarding transparency and accountability in disbursing the funds.”
The conference also observed that Ghana’s food sovereignty is at risk, with indigenous seed varieties becoming endangered due to the increasing preference for hybrid seeds and genetically modified organisms (GMOs).
Participants also stressed the importance of promoting agroecology, which supports food sovereignty, biodiversity conservation, and sustainable livelihoods for smallholder farmers.
The conference concluded with several recommendations, urging the government and key stakeholders to among others shift finance away from fossil fuels.
“Urge government and transnational corporations, such as banks, to shift the finance from fossil fuels to renewable energy: It was revealed that over US$600 billion in public subsidies are currently misallocated to destructive industries such as fossil fuels and industrial agriculture in the Global South. Public financing should instead be invested in essential social services and sustainable development, reducing the vulnerabilities of climate-affected communities.”
Source: Ghana/Starrfm.com.gh/103.5FM/Joshua Kodjo Mensah
