Ghana’s EPA and GSS to meld National Capital into GDP Calculation by way of Enhance Policy and Decision Making

By Abdul Rahman Bangura-

Photo Credit: Mining

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Natural Capital Accounting aims to quantify and evaluate the economic value of a country’s natural resources and ecosystems.

Established about a year ago, the NCA ambition is ushered by the Environmental Protection Agency (EPA) and the Ghana Statistical Service (GSS), with sponsorship from varied ministries, comprising the Ministry of Finance, the National Development Planning Commission, the Ministry of Fisheries and Aquaculture Development, and the Forestry Commission with funding from the World Bank. At a media and civil society organizations meeting in Accra last Tuesday, the Executive Director of the EPA, Dr. John Krugu emphasized the significance of natural capital encom­passing minerals, land, soil, air, water, and forests and the necessity for its sustainable management in order to make better policy and decision­ making.

Dr. Krugu emphasized the demand for high­ quality, reliable, and punctual data to organize natural capital effectively, in a string with the United Nations System of Environmental Economic Accounting (SEEA) Central Framework.

“NCA offers a transformative framework that could revolution­ise Ghana’s environmental man­agement and unlock opportunities for both people and the planet,” Dr. Krugu said and emphasized that natural capital, both renewable and non­renewable should be included in Gross
Domestic Products (GDP) calculations to provide a comprehensive view of the country’s economic value.

Furthermore, Dr. Krugu noted that the United Nations Statistics Commission had urged member countries to account for natural resources in GDP calculations to promote inclusive growth and development.

As part of the NCA agenda, he said, the EPA and GSS would conduct baseline studies in order to evaluate the value of Ghana’s mineral resources, assess the costs and benefits of their extraction, and analyze their environmental impact on local communities.

The Director of Economic Statistics at the GSS, Mr. Edward Asuo Afram, added that the new global sustainability programme advocates incorporating natural capital into GDP calculations. Consequently, he said, the GSS would collaborate closely with the EPA to integrate natural capital into Ghana’s GDP measures.

He highlighted that while Ghana is renowned for its beautiful landscapes, rich biodi­versity, and diverse ecosystems, acknowledging and valuing these resources beyond their immediate market value is vital for sustain­able development.

The Communications Specialist for the Ghana NCA Programme ­ Baaba Cofie, let out that the NCA process was for yielding baseline data on the country’s natural resources, which would help in their preservation for prospective generations thus yelling on the media to support the cause.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent