ICC GHANA TO CREATE AWARENESS OF COPING STRATEGIES FOR SMEs TO CLIMATE CHANGE
ICC Ghana signed a contract with the BUSAC Fund Phase III at the MJ Grand Hotel at East Legon to undertake an advocacy action to create awareness of coping strategies for SMEs to climate change
In the aftermath of such disasters such as the floods in Kwame Nkrumah Circle area, business owners suffer greatly. They are faced with large clean-up costs and damage to capital assets. The cost of fixing water damage and replacing vital machinery can be enough to put one out of business as a result of economic costs associated with days of disrupted operations.
Indeed, Ghana’s Nationally Determined Contribution (NDC) under the Paris Agreement on Climate Change indicates that the long-term goal of Ghana’s adaptation is to increase climate resilience and decrease vulnerability for enhanced sustainable development. One key policy area of the National Climate Change Policy of Ghana is disaster preparedness and response as a result of the need to ensure resilience for all facets of the sectors of the economy.
Climate change has the potential to cost small business owners millions in damages, yet there is little knowledge on how small businesses are coping with the impacts of climate change. Micro, small and medium enterprises (MSMEs) are particularly vulnerable because of their more limited capacities to absorb disaster losses.
The purpose of the advocacy action is to create greater awareness of the menace of climate change and make this top of mind among the general public.
Indeed ICC Ghana recognises that mitigation and adaptation actions require the collective effort of government, the private sector and society. Hence, the ICC Ghana’s quests to better understand coping strategies of SMEs to floods and disasters