By Jonathan Thompson and Linda Danquah
The Environmental Protection Agency (EPA), is taking the initiative to evaluate Ghana’s natural resources to quantify their economic value to national development.
The initiative will be done through a process known as Natural Capital Accounting. It is in collaboration with the United Nations and the World Bank.
This came up at a news conference held by the EPA in Accra.
Natural resources such as forests, water bodies, landscapes, and other things in the ecosystem are assets which have not been quantified in terms of their monetary value to national economies.
However, in advanced countries, natural resources account for a chunk of economic growth and are therefore given special focus. This idea forms the basis for the Environmental Protection Agency’s initiative, the Natural Capital Accounting Process, which is aimed at identifying, evaluating, and recording the natural resources of the country and how their value can be monetized as an asset to help improve the country’s economy.
At a media engagement, the Executive Director of the EPA, Dr. Henry Kwabena Kokofu, said this initiative is important if Ghana wants to be at peace with other developed economies.
Dr. Kwabena Kokofu said the collaboration of the media and other stakeholders is needed to drive this initiative to succeed.
The Natural Capital Accounting Initiative is not only meant for the capitalisation of Ghana’s natural resources but also to streamline and support biodiversity management.