Ghana is a pioneering country in Africa when it comes to establishing a national framework for participating in the international carbon market under Article 6 of the Paris Agreement. The carbon market allows countries and entities to trade carbon credits to achieve their climate goals more affordably.
In 2022, Ghana launched the Ghana Carbon Market Office (CMO) as a secretariat hosted by the Environmental Protection Agency (EPA) and operating under the Ministry of Environment, Science, Technology, and Innovation (MESTI). The CMO provides administrative and technical services to the public and private sectors, as well as global partners, interested in developing or investing in mitigation activities in Ghana.
The CMO offers various services to become a trusted regional hub for transacting credible carbon assets and contributing to Ghana’s sustainable development. These services include sourcing and matchmaking to connect project developers with investors or buyers of carbon credits. The CMO also assists with activity development, providing guidance on measurement, reporting, and verification (MRV) of emissions reductions or removals, as well as registration and issuance of carbon credits.
Furthermore, the CMO operates a secure and transparent registry system for tracking carbon credits’ creation, transfer, and retirement. They also conduct training and capacity development activities, disseminating best practices and raising awareness about the opportunities and benefits of participating in the carbon market. The CMO provides legal support and establishes a grievance redress mechanism for addressing disputes related to mitigation activities.
Collaboration is a key aspect of the CMO’s work, involving government agencies, private sector associations, civil society organizations, research institutions, development partners, and international organizations. By promoting inclusivity, transparency, and effectiveness, Ghana’s carbon market offers a unique opportunity for stakeholders to collaborate on innovative solutions that reduce greenhouse gas emissions while fostering economic growth, social welfare, and environmental protection.