Accra, 27th September 2024… Ghana has successfully ended her two-year tenure as the Chair of the Climate Vulnerable Forum (CVF) and the Vulnerable Twenty (V20) Group of Finance Ministers. Under the distinguished leadership of H.E. President Nana Addo Dankwa Akufo-Addo, Ghana guided the CVF and V20 towards building a more equitable global climate governance framework, with a focus on transforming the financial architecture to better serve the needs of the 1.74 billion people in climate-vulnerable countries.
This period was marked by vital institutional developments culminating in the establishment of a permanent independent CVF and V20 Secretariat, headquartered in Accra, Ghana. This solidifies the CVF as an intergovernmental organization and enhances its coordinating capacity in climate action to shape the future. Ghana presided over the expansion of CVF membership from 56 to 68, further strengthening the coalition and amplifying its voice.
As a champion of reforms, Ghana led critical initiatives, including the operationalisation of the Central Bank Governors Working Group to focus on liquidity support, inclusive finance, and greening financial systems. These initiatives have been within the transformative Climate Prosperity Framework, which continues to deliver National Climate Prosperity Plans to mobilize and leverage financing as well as create a pipeline of bankable projects. These Plans are securing targeted investments in adaptation and mitigation projects in CVF member countries.
Equally worthy of note is that Ghana's leadership of the V20 amplified the disproportionate impact of the current global debt crisis on CVF members, thus leading engagements with the IMF and World Bank to reform the global financial architecture to ensure CVF members’ access to affordable financing is not hindered by unsustainable debt.
Reflecting on his term as V20 Chair, Dr. Mohammed Amin Adam, Ghana’s Finance Minister and outgoing Chair thanked his predecessor, Mr. Ken Ofori-Atta for his leadership and exceptional contribution to the advancement of the V20.
He also remarked, “Our advocacy for reforms in the global financial architecture is not just about numbers—it is about unlocking opportunities for our people to thrive in a world increasingly affected by climate impacts. As we pass the torch to Barbados, I remain hopeful that our collective efforts will continue to break the barriers that prevent our nations from securing a climate-resilient future.”
The CVF and V20 are poised for continued success under the leadership of Barbados. In handing over the Chair, President Akufo-Addo expressed confidence in the new leadership, noting that: “We are proud of the foundation we have laid, and we are confident that Barbados, under the intrepid and visionary leadership of Prime Minister Mia Amor Mottley, will build on our achievements. Together, we will continue to push for climate justice and prosperity for our people.”
Ghana will work as part of the Troika for CVF and V20 to advocate for stronger global financial systems that prioritize the needs of climate-vulnerable nations. The transition to the leadership of Barbados will continue the efforts to build a just, resilient, and prosperous future for all climate-vulnerable countries. END
ISSUED BY THE PUBLIC RELATIONS UNIT
MINISTRY OF FINANCE
THE NEWS EDITOR