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Ghana Energy Voluntary Carbon Markets

Ghana has developed a comprehensive regulatory framework or carbon markets. International climate experts consider Ghana, along with Tanzania and South Africa, to have the most mature regulatory frameworks for voluntary carbon markets in Africa.  Ghana’s Framework on International Carbon Markets and Non-Market Approaches (December 2022) translates the principles obligations and procedures of Article 6, paragraph 2 of the Paris Agreement into operational information about carbon markets in Ghana.  Further, Ghana already has in place Government to Government arrangements with Sweden, Switzerland, Singapore, South Korea, and Lichtenstein, making it a frontrunner on Article 6.2 implementation. 

Ghana’s carbon credit supply is projected to reach 33 metric tons (MT) in 2023, unlocking $500 million in capital.  It is forecasted that 22 MT will come from energy efficiency measures, 8.9 MT will come from natural sources (preserving forests and nature-based carbon removals), and 2.1 MT will come from measures related to agricultural and livestock.  This could grow exponentially in outward years. 

Ensuring the integrity of carbon credits (that they are real, additional, permanent, and verifiable); providing transparency on the pricing of credits remain broader global challenges, and are challenges in Ghana, too, although more sophisticated verification tools are coming online. More work is needed in Ghana to facilitate matchmaking with investors and provide access to carbon finance.  Further, additional technical support is needed for the financial structuring of carbon projects. 

Opportunities for U.S. companies: 
  • Technical and financial assistance services related to carbon credit markets. 
  • Providing technology for the phase-out of diesel and petrol generators
  • Providing agriculture and soil sequestration solutions 
  • Providing clean cookstoves and implementing related projects  
  • Supplying household appliances and executing household electricity/cooling efficiency projects
  • Implementation of renewable energy projects 

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