The Forestry Commission (FC) has formalised its partnership with the Consolidated Bank Ghana (CBG), through the signing of a Memorandum of Understanding (MOU) that will begin the restoration of 50 hectares (125 acres) of a deforested portion of the Southern Scarp Forest Reserve.
This will Agreement will see the planting of over 600,000 tree seedlings of varied species to restore the Reserve.
In a brief ceremony, the Managing Director of CBG, Mr. Daniel Addo , said the tree planting initiative is part of their holistic approaches to sustainability which include measures to reduce carbon footprints, increase renewable energy use, and promote sustainable practices throughout their operations
According to him, the 60,000 trees would be planted across their local communities, with the larger part of their commitment at Mpraeso, the capital town of Kwahu South District in the Eastern Region, to restore and preserve the landscape.
He highlighted some critical roles trees play in addressing the challenges of the environment, such as absorbing carbon dioxide, producing energy and oxygen, preventing soil erosion and providing habitats for species of plants and animals.
“At CBG, we recognize that we have a responsibility to be stewards of the environment that is why we are proud to launch this tree planting initiative, which will drive our commitment to supporting the United Nations (UN) Sustainable Development Goals (SDGs) and Ghana’s nationally determined contributions under the purchase agreement” , he added.
The Guest Speaker and Executive Director (ED) of the Forest Services Division (FSD), Mr. Hugh Brown , said CBG has decided to walk the talk by investing in restoring the country’s deforested and degraded forest landscape.
He disclosed that the Forestry Commission is excited about the partnership, and hoped that CBG’s shining example will serve as a beacon to other private sector players to invest in such nature based -solutions, to address climate change and biodiversity loss.
Mr. Brown added that global challenges such as climate change and biodiversity loss can only be addressed effectively through concerted local actions.
According to him, it is imperative to remember that every small action counts, and collective local actions can lead to significant global impact. “We need to think globally, and act locally”, he concluded.
Mr. Steven Armah, Head of Sustainability at the Bank of Ghana (BOG) who read a speech on behalf of the second Deputy Governor, Madam Elsie Awadzie , said the 60,000 target is quite ambitious but doable.
She expressed her confidence in CBG and said she believed the Bank will follow through to ensure that the exercise is well executed.
According to her, this exercise will not only help the environment and combat climate change, but it will also help to reduce carbon footprints as a bank.
She appealed to other banks and financial institutions to take a cue from this initiative to ensure a sustainable banking sector in Ghana.