The Ghana Statistical Service (GSS) will soon begin the integration of the country’s natural resources in the determination of Gross Domestic Product (GDP).
This is in line with the United Nations System for Environmental and Economic Accounts (SEEA) framework adopted in 2012 for all countries.
The framework offers a common methodology to measure a country’s wealth as a combination of produced infrastructure, social and human natural resources, which are referred to as Natural Capital.
At a pre-forum media engagement on Natural Capital Accounting (NCA), Mr Kwame B. Fredua, Ghana/World Bank NCA Programme Coordinator, Environmental Protection Agency (EPA), noted that Ghana’s natural assets were undervalued in development planning and decision-making.
Therefore, putting value on natural resources would promote an inclusive, sustainable, climate-resilient and green economy.
“This goes beyond GDP and looks at sustainability. It is about Green GDP so, the media and everyone must come along,” he added.
Green GDP monetises the loss of biodiversity and accounts for costs caused by climate change.
Dr Henry Kwabena Kokofu, Executive Director, EPA, said the Agency recognised the importance of natural capital and that with support of the World Bank Global Programme on sustainability and in partnership with the United Nations Statistics Division and the Ghana Statistical Service, it had started work towards integrating the country’s natural resources into development planning processes.
He said the partnership would support biodiversity management, strengthen the capacity for natural capital accounting and contribute to informing investments such as the Ghana Landscape Restoration and Small-Scale Mining.
The Minister said the framework would also support monitoring and tracking of the implementation of Sustainable Development Goals.
Dr Christine O. As are, Deputy Director, General Services, EPA, said the implementation of the NCA would promote sustainable use of natural resources.
Mr Kwadwo Asante, Director, Administration, GSS, said the Service would estimate the value of the country’s natural resources and feed it into the GDP.
He said the process would involve the engagement of stakeholders to determine thematic areas to be included in the NCA.
Mr Asante said the successful implementation of the framework would ensure ecosystem stability.
Natural Capital Accounting is said to be a tool that can help measure the full extent of a country’s natural assets and give perspective on the link between the economy, ecology and the environment.
A country’s natural capital includes land, forests and water.
Source: GNA
