The 2019 Annual Meetings of the African Development Bank Group will be held from 11-14 June 2019, in Malabo, Republic of Equatorial Guinea. Find out more
The African Development Bank (AfDB) Board, on 22 January 2014, approved financing of $14.55 million for Ghana to help the country reduce deforestation and forest degradation as well as protect carbon reservoirs for local communities in the Western and Brong Ahafo regions.
The project, called Engaging Local Communities in Reducing Emissions from Deforestation and Forest Degradation (REDD+) /Enhancement of Carbon Stocks, benefits from the support from the Climate Investment Funds’ (CIF) Forest Investment Program (FIP). It will directly benefit 12,000 people, half of them women, by providing capacity building, seeds and equipment, and financial incentives through benefit-sharing agreements to develop forestry, agroforestry and alternative livelihoods. The project will also indirectly benefit 175,000 people in the two regions.
The support will make a major contribution to the Ghanaian forestry sector by helping mitigate effects of agricultural expansion, especially cocoa. The project will also support sustainable supplies of timber to meet export and domestic demand, and clarify tree tenure and rights regimes.
“With the Board’s approval of this project for Ghana, we are helping advance empowerment of the local forest communities, at the bottom line the most significant people engaged in sustainably managing forests. We welcome the opportunity to work with Ghana and with the Forest Investment Program to ensure the success of this innovative project,” said Mafalda Duarte, AfDB’s CIF manager.
Key project components are:
Success of the project will be determined through a results-based framework which considers a set of performance indicators, risk and mitigation measures, as well as and a set of defined verification measures. The project is in line with the AfDB’s commitment to green growth as a key cornerstone of African nations’ path to economic and social prosperity.