Ghana loses over GHS 300million annually to floods and disasters — UNDP

Ghana suffers an estimated annual loss of over GHS 300 million due to floods and related disasters, the United Nations Development Programme (UNDP) has disclosed.

According to the UNDP, the Greater Accra Region alone accounts for nearly GHS 200 million of these losses each year during heavy rainfall and flooding events.

The revelation was made by Dr. Amina Sammo, UNDP’s Coordinator for the Insurance Risk Finance Facility, during the national commemoration of the 2025 International Day for Disaster Risk Reduction (IDDRR), held under the global theme “Fund Resilience, Not Disasters.” The event was organised by the National Disaster Management Organisation (NADMO).

Dr. Sammo noted that disasters continue to drain global economies, with worldwide losses estimated at more than US$202 billion annually. She stressed that Ghana’s recurring flood-related damages highlight the urgent need to strengthen preventive measures and risk financing systems.

“In Ghana, disasters cost the nation about GHS 300 million every year, largely due to floods, droughts, and other emergencies. In the Greater Accra Region alone, annual flood losses exceed GHS 200 million — resources that could otherwise support critical infrastructure and development,” Dr. Sammo said.

She announced that the UNDP is working with the Government of Ghana, through NADMO, to design a comprehensive Disaster Risk Finance Strategy Framework. The plan includes the establishment of a parametric flood risk insurance mechanism for the Greater Accra Metropolitan Area (GAMA) and the expansion of inclusive insurance coverage for small businesses, farmers, and informal workers.

Dr. Sammo commended NADMO, the Ministry of Finance, and the National Insurance Commission for their leadership in advancing financial resilience and disaster preparedness.

She urged all stakeholders to shift focus from post-disaster recovery to proactive investment in prevention and resilience.

“We must fund resilience, not disasters. Investing in preparedness today is the only way to safeguard Ghana’s development gains and protect lives and livelihoods in the future,” she emphasised.