Ghana has become the first country in West Africa to receive payments from the World Bank’s Forest Carbon Partnership Facility (FCPF) for reducing emissions from deforestation and forest degradation
FCPF paid the country US$4.8mn for reducing 972,456 tons of carbon emissions for the first monitoring period under the programme (June to December 2019). Ghana has become only the second country to receive payments from FCPF after Mozambique.
Pierre Laporte, World Bank country director for Ghana, Liberia, and Sierra Leone, commented, “This payment is the first of four under the country’s Emission Reductions Payment Agreement (ERPA) with the World Bank to demonstrate potential for leveraging results based payments for carbon credits. Subject to showing results from actions taken to reduce deforestation, Ghana is eligible to receive up to US$50mn for 10 million tons of CO2 emissions reduced by the end of 2024.”
Ghana is one of 15 countries that have signed ERPAs with the World Bank.
