Ghana has put in place one of the most comprehensive regulatory frameworks for green bond issuance in recent years, yet the private sector has yet to seize the opportunity. Despite the release of the country’s Green Bond Guidelines in 2024 and growing investor interest in sustainable finance, no corporate or financial institution has issued a green bond, highlighting a widening gap between policy readiness and market action.
This disconnect formed the backdrop to a targeted training programme launched this week by the Securities and Exchange Commission (SEC), in partnership with the International Finance Corporation (IFC). While officially framed as capacity building, the initiative effectively signals to banks and corporates that the regulatory groundwork is complete and that the market is now expected to respond.
Speaking at the programme, SEC Director General James Klutse Avedzi said the regulator’s role has shifted beyond issuing rules to actively preparing the market for execution. “Our role as the regulator has evolved from rule-setting to capacity building. This training is designed to equip market participants with practical knowledge on project eligibility, structuring, and reporting requirements,” he said.
Green bonds are long-term debt instruments similar to conventional bonds, but with proceeds ring-fenced exclusively for environmentally sustainable projects such as renewable energy, sustainable water management, and climate-friendly infrastructure. Ghana’s framework aligns with international best practices, offering clarity on the use of proceeds, disclosure standards, and investor protection.
Over the past decade, the country has introduced the Sustainable Banking Principles, a Green Finance Strategy, and a Green Finance Taxonomy, supported by institutions such as the Ghana Infrastructure Investment Fund and the National Development Bank. Together, these initiatives suggest a market that is structurally prepared, but operationally cautious.
The SEC-IFC training, delivered under the Green Bond Technical Assistance Program (GB-TAP), aims to address this hesitation directly. Participants are being guided through the full issuance process, from identifying eligible projects to structuring instruments and producing investor-grade impact reports. The programme is backed by funding from the Swiss State Secretariat for Economic Affairs, the Swedish International Development Cooperation Agency, and the Ministry of Finance of Luxembourg, and runs until June 2026.
Avedzi stressed that the opportunity is particularly significant for real-economy corporates, many of which face rising capital costs and growing pressure to improve sustainability performance. “By empowering real-economy corporates to issue green bonds, we unlock financing for cleaner growth and resilience while also broadening market participation,” he said.
Sectors such as energy, transport, manufacturing, and agriculture are seen as prime candidates, with potential to finance efficiency upgrades, cleaner production processes, and climate-resilient infrastructure. Green bond issuance could also encourage banks to shift away from short-term lending toward longer-tenor, asset-backed financing aligned with environmental objectives.
The SEC has made it clear that regulatory bottlenecks will not be an obstacle. The commission says it is fully prepared to receive and review prospectuses and will approve issuances that strictly comply with the 2024 guidelines. Market participants are now expected to translate training into execution, with early issuances potentially emerging in the coming months.
