The Ghana Infrastructure Investment Fund (GIIF) has secured accreditation as a National Direct Access Entity of the Green Climate Fund (GCF), enabling it to access international climate finance directly for eligible projects in Ghana.
The approval was granted by the GCF Board at its 46th meeting in Songdo, Republic of Korea, positioning GIIF to mobilise funding for climate-resilient and low-emission infrastructure projects.
The accreditation demonstrates the Fund’s ability to meet the institutional, governance, fiduciary, and environmental and social safeguards requirements of the GCF, the world’s largest dedicated climate fund for developing countries.
It will enable GIIF to develop and submit funding proposals directly to the GCF without an intermediary and access financing instruments, including grants and concessional loans, subject to eligibility requirements and project approval.
The opportunities cover priority sectors such as renewable energy, sustainable transport, nature-based solutions, sustainable agriculture, and climate-resilient health and social infrastructure.
Nana Dwemoh Benneh, the Chief Executive Officer of GIIF, said the achievement opened significant opportunities for Ghana to secure catalytic climate financing for infrastructure projects.
He said accredited entities played a critical role in channelling climate finance to developing countries to address national mitigation and adaptation priorities while ensuring compliance with international standards and safeguards.
The accreditation reflected GIIF’s commitment to sustainable infrastructure investment and mobilising resources to support a climate-resilient and low-carbon economy, Mr Benneh said.
He acknowledged the support of the Government of Ghana, the Ministers of Finance and State in charge of Climate Change and Sustainability, the Fund’s Board, Management and staff, and development partners for mobilising resources to enhance climate resilience.
He cited the African Development Bank, Agence Française de Développement, the Foreign, Commonwealth and Development Office, the Global Center on Adaptation, the Coalition for Disaster Resilient Infrastructure and FSD Africa as partners whose relations had strengthened the Fund’s institutional capacity.
Mr Kwadwo Kwakye Gyan, who leads GIIF’s climate and sustainability efforts, said the accreditation strengthened the Fund’s ability to pursue climate financing opportunities directly.
He said GIIF would focus on identifying and developing bankable projects aligned with Ghana’s climate and infrastructure priorities and commitments under the Paris Agreement.
Madam Achala Abeysinghe, Director of the GCF’s Department of Investment Services, said GIIF’s accreditation created opportunities to mobilise finance for Ghana’s climate priorities and advance sustainable, climate-resilient infrastructure in Africa.
She said the GCF was committed to partnering with national investment institutions capable of translating country priorities into investable solutions and attracting additional capital for climate action.
By Morkporkpor Anku, GNA