The Agricultural Development Bank (ADB) is hoping to get accredited as a Direct Access Entity (DAE) with the Green Climate Fund (GCF) by the end of 2023.
As an accredited entity, ADB will be eligible to manage funding on behalf of GCF, especially at the district and community levels.
The GCF is a fund established within the framework of the United Nations Framework Convention on Climate Change as an operating entity of the Financial Mechanism to assist developing countries in climate adaptation and mitigation practices.
Kwame Asiedu Attrams, the general manager in charge of agribusiness at the ADB disclosed this to the Ghana News Agency at a forum on climate change financing for farmers.
He explained that as part of the process, the bank was developing financial products across all sectors that were sensitive and will respond to climate sustainability, disability friendly and gender relevant issues.
Attrams said the acquisition of the accreditation status would enable ADB to develop proposals that will leverage funds from the GCF as well as to manage the funds for projects that are approved by GCF.
When the process is completed, ADB will become the second entity in the country to secure accreditation after Ecobank had it on 17th August 2020.
Dr Antwi Boasiako Amoah, acting director, Climate Vulnerabilities and Adaptation, Environmental Protection Agency (EPA) said the move by the Bank was a positive one because ADB was a national bank with focus and set up.
“It now behooves on various sectors both government and non-governmental organisations to put up projects that can win GCF funding for it to be managed by ADB.,” he said.
Dr. Amoah, who also serves on the GCF Board as an Alternate Member for the African region, told the GNA that Ghana would benefit greatly from the fund if firms leveraged on the accreditation to develop bankable projects.
Foster Gyamfi, an economics officer at the Ministry of Finance, said the international accreditation would strengthen the ADB’s status and credibility.
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