The Ghana Carbon Market Office (CMO), the national secretariat mandated to facilitate the implementation of Article Six of the Paris Agreement, says it is committed to scaling up projects and increasing local participation in the growing carbon market sector.
The move is aimed at building the interest and capabilities of Ghanaian actors across the carbon market value chain, enabling them to offer specialised services, which are currently dominated by foreign companies.
Carbon trading allows companies and countries to buy and sell carbon credits -permits that represent the reduction or removal of greenhouse gases such as carbon dioxide (CO₂).
One carbon credit equals one tonne of CO₂ reduced, removed, or avoided. This system helps countries like Ghana to raise funds for climate-resilient projects while contributing to global emission reductions.
Dr Daniel Tutu Benefoh, the Lead of the CMO, told the Ghana News Agency that one of the key focus areas of the Office in 2025 was to assist local service providers in securing the necessary accreditation to operate within the carbon market.
“Mandatory services across the carbon market value chain – such as project monitoring, auditing, verification, and validation – are currently dominated by foreign firms. Most times, you have to reach out to companies in Europe or Southeast Asia to access these services,” he explained.
“Our aim is to help local entities build the expertise to participate fully, so that the funds generated remain in the country and contribute to boosting the local economy.”
He said the office was also taking deliberate steps to ensure that carbon projects were anchored in Ghana by promoting local manufacturing and assembly of equipment.
“We require that production related to carbon market projects happens within the country. Where full manufacturing isn’t possible, at the very least, the equipment should be assembled locally. This will help create jobs, build technical skills, and stimulate the local industry,” Dr Benefoh said.
The CMO, he hinted was also working to increase the ambition of Ghana’s climate action plan under Article 6 of the Paris Agreement.
A recent report from the Office estimates that Ghana’s carbon market could attract more than USD1 billion in investment by 2030.
These investments will support greenhouse gas mitigation projects and generate revenue through service fees, while creating green jobs and promoting clean energy technologies.
President John Mahama, in his State of the Nation Address, announced that 24 million metric tonnes of Ghana’s 64 million metric tonnes of carbon credits had been made available for sale under Article 6.2 of the Paris Agreement.
As of December 2024, the CMO had received 70 project proposals focused on cutting emissions and promoting sustainable development.
Leading the pipeline is a clean cookstove initiative, which aims to distribute 9.1 million efficient stoves by 2030. It accounts for 26 of the proposals.
Other proposals include three electric mobility projects, targeting the distribution of 120,160 electric bikes and vehicles.
Additionally, 15 projects centre on nature-based solutions, with others focusing on solar energy three, biochar two, wastewater treatment two, and electric vehicle initiatives six.
Ghana has already signed bilateral agreements to trade carbon credits with Switzerland, Sweden, and Singapore. The Swiss Agreement is currently being implemented, while negotiations with South Korea and Liechtenstein are ongoing.
GNA
