Ghana Carbon Market Office Aims to Boost Local Participation in Carbon Trading
Empowering Local Stakeholders in Carbon Markets
The Ghana Carbon Market Office (CMO), the national body responsible for implementing Article Six of the Paris Agreement, has announced plans to expand projects and increase domestic involvement in the carbon market sector. This initiative seeks to develop Ghanaian expertise across the carbon value chain, where foreign companies currently dominate specialized services.
Understanding Carbon Trading
Carbon trading enables nations and corporations to exchange carbon credits – permits representing the reduction or removal of greenhouse gases like carbon dioxide (CO₂). Each credit equals one tonne of CO₂ reduced or avoided, helping countries like Ghana fund climate-resilient projects while contributing to global emission reduction goals.
Building Local Capacity
Dr Daniel Tutu Benefoh, CMO Lead, revealed to the Ghana News Agency that a key 2025 priority is supporting local service providers in obtaining necessary accreditations for carbon market operations.
“Mandatory services across the carbon market value chain – including project monitoring, auditing, verification, and validation – are currently dominated by foreign firms,” Dr Benefoh explained. “We aim to develop local expertise so generated funds remain in Ghana and stimulate our economy.”
The CMO is also implementing measures to anchor carbon projects in Ghana through local manufacturing and equipment assembly, creating jobs and building technical skills.
Economic and Environmental Impact
The CMO projects Ghana’s carbon market could attract over $1 billion in investments by 2030, supporting greenhouse gas mitigation projects while generating revenue and green jobs. President John Mahama recently announced that 24 million of Ghana’s 64 million metric tonnes of carbon credits are now available for sale under Article 6.2.
Current Project Pipeline
As of December 2024, the CMO has received:
- 26 clean cookstove proposals (targeting 9.1 million efficient stoves by 2030)
- 3 electric mobility projects (120,160 electric bikes/vehicles)
- 15 nature-based solutions projects
- Various solar, biochar, and wastewater treatment initiatives
International Partnerships
Ghana has established carbon credit trading agreements with Switzerland, Sweden, and Singapore, with the Swiss agreement already in implementation. Negotiations are ongoing with South Korea and Liechtenstein.
Source: Ghana News Agency