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Moving Beyond GDP: Uganda Launches Natural Capital Accounting Program

October 24, 2018 |

This article was originally published on Chimp Reports

“Uganda has an opportunity to grow economically stronger and improve its policy making, for long-term sustainable growth and prosperity by taking into account the value of existing stock of natural assets, such as forests, wetlands and land.

This was the key message from the joint launch of the Natural Capital Accounting (NCA) Program in Uganda led by the World Bank in partnership with the Government of Uganda through the Ministry of Finance, Planning and Economic Development, with financial support from the Global Partnership for Wealth Accounting and the Valuation of Ecosystem Services (WAVES), hosted by the World Bank.

Currently, close to one third of wealth in low income countries like Uganda comes from natural capital, according to the “Changing Wealth of Nations: Building a Sustainable Future” Report published by the World Bank in 2018, which assesses the performance of 141 countries in building wealth.

The Permanent Secretary and Secretary to the Treasury, Ministry of Finance, Keith Muhakanizi, who officiated at the launch held at the ministry’s headquarters, welcomed the WAVES program which aims to support government in its ongoing efforts to quantify the value of its natural capital as a measure and indicator of future growth and progress.

“Government recognizes the importance of building statistical systems that support better management of our natural resources. The future of growth of Uganda will depend on sound management of our natural capital and we need to establish a credible set of natural accounts if we are to do that,” he said.

…The WAVES Uganda program, is led by the Ministry of Finance, jointly with the National Planning Authority, Uganda Bureau of Statistics, and Ministry of Water and Environment…”

Read on at: Chimp Reports.

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