Minority Chief Whip Frank Annoh-Dompreh has urged the government to renegotiate the financial terms of Ghana’s proposed carbon credit agreement with South Korea, arguing that the country could lose significant revenue if its environmental assets are sold below their market value.
The Nsawam-Adoagyiri MP raised concerns about the proposed price range of US$5 to US$25 per tonne of carbon credits, describing it as inadequate compared with international market benchmarks.
Contributing to debate on the committee’s report in Parliament on Wednesday, Annoh-Dompreh directed attention to page eight, paragraph 5.6 of the document, which outlines the proposed pricing arrangement.
He questioned why Ghana should accept the proposed rates when the global average price was estimated at about US$40 per tonne, and called on the sector minister and officials negotiating on behalf of the country to revisit the financial terms before the agreement is finalised.
He maintained that Ghana must secure better returns from its participation in the international carbon market rather than enter into arrangements that undervalue its natural resources.
The Minority Chief Whip also stressed the need for the agreement to align with Ghana’s Nationally Determined Contributions (NDCs) and commitments under the Paris Agreement.
While welcoming provisions covering capacity building and environmental management, he urged the government to ensure that the country derives meaningful economic and environmental benefits from the arrangement.
The proposed deal forms part of Ghana’s climate cooperation framework with South Korea, signed in Seoul in March 2026 and currently before Parliament for ratification.
Ghana has previously entered into carbon market cooperation agreements with Switzerland in 2020, as well as Sweden and Singapore in 2024.
Beyond the pricing concerns, Annoh-Dompreh called for methane recovery initiatives at landfill sites to be expanded beyond the facility identified in the committee’s report.
He specifically cited the Sumia landfill in his Nsawam-Adoagyiri constituency, alleging that leachate from the facility was destroying plant and animal life and required urgent environmental intervention.
He also appealed to the government to present its carbon credit agreement with British Petroleum (BP) to Parliament, disclosing that negotiations had been completed and the Attorney-General had reviewed the terms.
Despite raising concerns about the proposed pricing structure, Annoh-Dompreh urged Parliament to adopt the committee’s report and support the agreement, while insisting that Ghana’s financial interests must be adequately protected.
