EPA, World Bank engage media practitioners on Natural Capital Accounting

Ahead of the full rollout of the Natural Capital Accounting as the instrument for the measure of the country’s wealth, the Forestry Commission on Wednesday, June 7, 2023 collaborated with the World Bank to sensitize the media on the development.

Practitioners drawn from various media houses in Accra were given comprehensive education about NCA as the new way of determining the economic power of the country.

Mr Kwame B. Fredua, the Ghana/World Bank NCA Programme Coordinator elucidated that the NCA which has been adopted by the United Nations has become necessary due to a recognition of the need to incorporate a country’s natural resources in the estimation of the country's economic position.

Highlighting key features of the NCA, Kwame B. Fredua explained that the new module will lead to a proper quantification of Ghana's natural assets and inform policy formulation and implementation.

He observed that the NCA does not only look at the natural resources but also includes the cost of the harnessing and processing of those resources.

This feature, he said will lead to discussions, policies and interventions about the sustainable and responsible exploitation of Ghana’s natural resources.

He disclosed that factors like cost to climate change, biodiversity, and environmental pollution will be considered in the estimation.

Kwame Fredua is confident the new module will not create a false sense of wealth in the country but rather influence key policies and decisions in the country.

Dr Henry Kwabena Kokofu, the Executive Director of the Environmental Protection Agency disclosed that his outfit recognizes the key role of the media in providing accurate information to the public on the NCA hence the engagement.

Giving a background story to the introduction of the NCA, Dr Kwabena Kokoku disclosed that his outfit has been working with the United Nations, the World Bank Global Program on Sustainability and the Ghana Statistical Service on how Ghana enormous natural resources can be integrated into the process of valuing the country’s wealth.

Deputy Director of the EPA in charge of corporate services disclosed that NCA will ensure sustainable exploitation of Ghana’s natural resources and create the needed platform to facilitate the development of the country.

The media practitioners were also impressed upon to offer education to their listeners on the NCA.