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World Bank supports Ghana with $13m grant to develop plastic recycling economy

The World Bank has provided a significant boost to Ghana’s efforts to maintain a sustainable environment that depends on recycling and reuse of plastic products.

This comes after a $13 million gift from the Bretton Wood institution’s “PROBLUE” initiative.

At a session hosted by the World Bank, Oliver Boachie, a minister’s advisor for environment, science, technology, and innovation, revealed this.

PROBLUE is a multi-donor trust fund run by the World Bank with the goal of reducing plastic waste and promoting the sustainable use of marine and coastal resources.

The goal of the workshop was to aid the government in creating a framework that will support an economic system based on the recycling and regeneration of materials or goods as a means of sustaining or environmentally friendly continuous manufacturing.

Mr. Boachie said the fund will assist Ghana in creating a system where stakeholders in the plastic production and consumption area will be given more responsibility in the use of recycled goods in an interview with Joy Business on the sidelines of the program.

The World Bank is assisting us in creating a framework and an EPR (Extended Producer Responsibility) program that cater to Ghana’s demands.

He also emphasized the need for custom policies that reflect Ghana’s culture and socioeconomic environment.

Grzegorz Peszko, an economist at the World Bank, advised the government to take into account tax incentives that would make the use of recycled plastics more cost-effective.

He contends that tax incentives for businesses using recycled plastics will promote the use of recycled plastics.

“Because of restrictions in place in Europe, including taxes on virgin plastic packaging, Ghanaian producers do not see the incentives to employ recycled content. These taxes can be imposed in an increasing number of European nations. In other words, products manufactured of plastic with recycled material are less expensive, and the tax makes up the difference.

 

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