LocationsStrengthening Financial Resilience Against Climate and Disaster Risks
Ghana Insurance and Risk Finance Facility (IRFF)
A UNDP-led initiative building inclusive insurance and risk financing solutions for Ghana's most vulnerable communities.
Project Overview
Ghana faces growing climate and disaster risks that threaten human development, yet inclusive insurance and risk financing remain largely absent from the country's national development agenda. The Insurance and Risk Finance Facility (IRFF) is a UNDP-led initiative designed to change that.
Implemented under a landmark Tripartite Agreement signed at the UN Secretary General's 2019 Climate Action Summit, the IRFF brings together UNDP, the Government of Germany (BMZ), the Insurance Development Forum (IDF), and 17 of the world's largest insurance and reinsurance companies to build Ghana's financial resilience against climate shocks and natural hazards.
The project focuses on the Greater Accra Metropolitan Area (GAMA) and works across five key areas:
- Developing a contingency plan and sub-sovereign flood risk insurance for GAMA
- Improving Ghana's regulatory framework to enable inclusive and innovative insurance
- Building capacity in inclusive insurance, climate risk financing, and actuarial skills for government and industry
- Integrating Disaster Risk Finance into Ghana's national development and financial strategies
- Promoting awareness and advocacy on insurance and risk financing through targeted communication campaigns
By strengthening policy frameworks, fostering public-private partnerships, and enhancing data and analytics for risk decision-making, the IRFF aims to make insurance and risk financing second nature to Ghana's government — protecting vulnerable communities and building long-term financial resilience across the country.
About the Project
Climate change-induced shocks and natural hazards continue to threaten human development in Ghana. The Insurance and Risk Finance Facility (IRFF) is a three-year UNDP initiative implemented under a landmark Tripartite Agreement signed at the UN Secretary General's Climate Action Summit. Working alongside the Government of Germany (BMZ), the Insurance Development Forum (IDF), and global insurance partners, the project aims to integrate disaster risk finance into Ghana's national development agenda — building resilience for households, businesses, communities, and government institutions. Key activities include developing a contingency plan for the Greater Accra Metropolitan Area (GAMA), improving inclusive insurance regulations, building capacity across government and industry, and promoting strategic communication and advocacy on climate risk financing.
