Africa Must Seek Alternate Funding for Climate Action, Deputy Finance Minister Warns

Africa’s climate ambitions risk stalling if governments continue depending solely on scarce public funds, Deputy Finance Minister Thomas Nyarko Ampem has cautioned.

The minister highlighted that shrinking national budgets across the continent make it impossible to finance the continent’s growing climate adaptation and mitigation needs through traditional treasury allocations alone. He noted that African countries are increasingly vulnerable to external economic shocks that strain fiscal spaces, leaving little room for expansive public spending on green initiatives.

Mr. Nyarko Ampem argued that unlocking climate finance must involve mobilizing private capital through innovative mechanisms such as blended finance, green bonds, and diaspora investment schemes. He emphasized that these approaches can bridge the current financing gap while easing the burden on overstretched public coffers.

The call comes as African governments face mounting pressure to balance urgent development priorities with climate resilience efforts. The minister stressed that without shifting to sustainable financing models, the continent’s commitment to the Paris Agreement targets would remain unattainable.

No specific event related to this announcement was outlined in the source material.