The Government of Ghana, in partnership with the United Nations Development Programme (UNDP), has officially launched the Biodiversity Finance Initiative (BIOFIN), a three-year programme aimed at unlocking sustainable financing for biodiversity protection and environmental sustainability.
Funded through the Global Environment Facility’s GEF-8 Umbrella Programme, BIOFIN seeks to address the critical biodiversity financing gap by designing and implementing Ghana’s first-ever national biodiversity finance plan.
The initiative comes amid growing global urgency to reverse biodiversity loss. It aligns with the Kunming-Montreal Global Biodiversity Framework, adopted in December 2022 by 196 countries, which sets ambitious targets for nature conservation. Two key targets, which are, eliminating harmful financial flows and boosting finance for nature-positive activities are central to Ghana’s strategy under BIOFIN.
The finance plan will be guided by baseline studies, policy reviews, and an in-depth analysis of biodiversity funding needs and existing investments. Ghana’s approach will include capacity building to support the implementation of its National Biodiversity Strategy and Action Plan (NBSAP), in line with global biodiversity targets.
At the programme’s launch, stakeholders from government, civil society, and the private sector participated in an induction workshop to align their efforts and build consensus on financing models for nature conservation.
Fati Attahiru, Acting Deputy Resident Representative of UNDP Ghana, stressed the importance of public-private collaboration and financial innovation to close the global biodiversity finance gap, which is currently estimated at 700 billion dollars annually.
“UNDP Ghana is confident that the Project Steering Committee will successfully guide the Ghana BIOFIN programme in creating a pioneering biodiversity finance plan,” she said.
Dr. Peter Dery, Director of Environment at the Ministry of Environment, Science and Technology (MEST), said Ghana has already submitted national biodiversity targets and is currently finalising its updated strategy with inclusive stakeholder consultations.
Bruno Mweemba, Regional Technical Advisor for BIOFIN, emphasized the need for bankable financing solutions that can attract investment from a diverse range of sources.
The BIOFIN methodology, developed by UNDP and currently in use in over 133 countries, brings together finance and environment ministries, the private sector, and civil society to align national development goals with sustainable biodiversity investment.
The programme is expected to enhance Ghana’s ability to meet both local conservation goals and international climate and biodiversity commitments through stronger financing systems and innovative partnerships.
