Accra: FSD Africa, the British High Commission, and the Ghana Infrastructure Investment Fund (GIIF) have launched a Green Project Preparation Facility (PPF) aimed at bolstering climate-resilient infrastructure projects for investment in Ghana. This initiative is designed to address the country's infrastructure financing gap by creating a pipeline of investment-ready green projects, mitigating project development risks, and mobilizing private capital.
According to Ghana News Agency, the PPF was initially announced during President John Dramani Mahama's visit to the United Kingdom as part of the UK-Ghana Growth Partnership. The UK Government has pledged an initial £5 million to fund the facility, which will be hosted and managed by FSD Africa in collaboration with GIIF. The facility aims to grow with additional support from other development partners over time.
Mr. Nana Dwemoh Benneh, Chief Executive Officer of GIIF, highlighted the importance of this initiative for Ghana's climate investment strategy. He emphasized that the partnership is poised to develop a robust pipeline of bankable, climate-resilient projects that can attract private sector investment, thereby facilitating Ghana's transition to a low-carbon economy.
Ms. Terri Sarch, the British Deputy High Commissioner in Accra, reiterated the United Kingdom's dedication to supporting Ghana's economic development through climate-resilient infrastructure. She stated that the Green Project Preparation Facility is crucial for transforming viable Ghanaian projects into investment-ready opportunities, unlocking finance to tackle Ghana's climate challenges.
Ms. Sarch pointed out that Ghana is facing increasing climate-related risks, such as shifting rainfall patterns, rising sea levels, and frequent flooding, which pose threats to infrastructure, energy systems, and agriculture. She stressed the urgency of investing in climate-resilient infrastructure, especially given that a significant portion of Ghana's electricity generation relies on hydropower, and over 40 percent of the workforce is engaged in climate-sensitive agriculture.
Mr. Mark Napier, CEO of FSD Africa, expressed enthusiasm for hosting the facility and strengthening partnerships with Ghana. He anticipated that the initiative would mobilize domestic private capital for strategic infrastructure projects, enhance climate resilience, and contribute positively to the Ghanaian economy.
The PPF is accessible to both public and private sector developers of climate-aligned infrastructure projects, including those related to renewable energy, transport, water and waste management, housing, urban infrastructure, and social infrastructure. Projects will be evaluated based on their climate impact, financial viability, and potential to attract investment, with an initial pilot group already under preparation through a transparent appraisal process involving GIIF and other Ghanaian stakeholders.