Source(s) of financing AfDB: 10011155.29 Cofinanced: 11155287.32 Government: 16029361.29
Implementing Agency: FORM GHANA Ltd
The project aims at the restoration of degraded forest reserves by establishing a large scale sustainable commercial forest plantation (11 ,700 ha) composed of (10% indigenous tree species and 90% teak) in collaboration with the Government of Ghana (GoG) through the Forestry Commission of Ghana (FC). About 14,000ha of degraded forest land has been acquired in Akumadan and Berekum, North of Kumasi, through a 50 years renewable land lease accompanied by tripartite commercial Benefit Sharing Agreements (BSA) between GoG, local communities and the project. It is an innovative opportunity to catalyze private sector involvement in climate change mitigation and green growth efforts by supporting a scalable concept in a region with high potential for demonstration and replication.
The project is financially viable, and socially and environmentally sustainable. It is strategically aligned to the development priorities of the host country and those of the Bank particularly the overarching strategic objective of green growth. It is a scalable concept and an opportunity to catalyze private sector involvement in climate change mitigation while protecting lively hoods and yielding strong positive socioeconomic and environmental co-benefits.