Mainstreaming Green Economy: An Assessment of Private Sector Led Initiatives in Climate Change Adaptation in Ghana

Abstract

The study examines private sector initiatives and investment challenges in mainstreaming green economy in Ghana. An exploratory study design of qualitative research method was adopted. Due to the level of information required for the study, a purposive sampling technique was employed and a total of twenty-four respondents selected from 8 private sector organisations and some selected government ministries participated in the study. Data collected through in-depth interviews was transcribed, coded and analyzed thematically in line with the objectives and questions of the study. The study found out that green economy initiatives are not well mainstreamed in the private sector. Most companies’ involvement in climate change and green economy activities was commonly carried out through corporate social responsibility (CSR). The study further revealed that, government incentives for private sector investments in adaptation are not attractive. The study identified access to finance, poor knowledge base, weak collaborative effort, inadequate incentives, absence of clear-cut government policy and unsatisfactory recognition as challenges facing private sector-led investments in climate change adaptation. The paper recommends the need for government incentives to attract private sector investment, identification of green investment opportunities, collaboration among stakeholders, climate change sensitisation and education among the private sector in order to address the immediate to long-term consequences of climate change in Ghana.