ACCRA, Ghana and CHICAGO, IL, September 14, 2023 – In an executive session “Round Table Discussion: Connecting Climate Capital to SGBs” led by Alex Kruzel, CEO & Founder of Telesto Strategy, key topics were identified and evaluated to facilitate the connecting climate capital to small and growing businesses in the Ghanaian ecosystem and beyond. Additional in-depth technical contributions were provided by John Boateng Akuoko-Tawiah, Head ESG, Sustainability and Climate Finance, DBG; Isaac Hagan, Portfolio Coordinator, KfW; Ben Attigah, Component Manager, GIZ; and James Bruce, Executive Director, Wholesale Banking, ACCESS Bank Ghana. 

Alex set the stage with an overview of the current climate capital flows to the region and to Ghana. Of the $740B USD annual climate capital flows globally, Africa is only receiving about 4% of total potential value. “Ghana is well positioned to address gaps in the ecosystem to catalyze more connectivity to small and growing businesses. Today, we celebrate the burgeoning examples of multi-sectorial, blended approaches to catalyze increased activation of climate capital.”  

As a principal case study, the panelists highlighted the important work happening on the ground in Ghana. For example, John Boateng Akuoko-Tawiah drilled into their current partnership with KfW, GIZ, and Access Bank, which includes mobilizing financing and partnering with companies to finance pipelines. “Development Bank Ghana deploys capital through financial institutions, and these financial institutions need strong environmental and social management systems,” John shared with the panel and audience.  

As a primer to the innovative partnership, Isaac Hagan provided insights on the work KfW is doing with DGB and participating financial institutions (PFIs) to support Ghana’s effort to meet its nationally determined contributions (NDCs). In addition, Isaac shared how KfW is incorporating first-loss capital and blending financing instruments into their approaches.  

As the Executive Director of Wholesale Banking at ACCESS Bank Ghana, James Bruce highlighted active examples of the work the company is doing by developing local pipelines and issuing green bonds. He explained how ESG readiness factors into the decision-making process for ACCESS Bank Ghana to invest climate capital in potential opportunities.   

As an outcome of the executive roundtable, participants from all over the world brainstormed and outlined opportunities to streamline multi-sectoral partnerships to hasten and increase the flow of funds to small and growing businesses.   

Follow Telesto Strategy on LinkedIn and check out our website for further updates on the pitch competition.