By Abdullahi Lukman
African leaders have renewed calls for the continent to adopt a modern approach to measuring national wealth, arguing that outdated GDP calculations fail to reflect the true value of Africa’s natural resources and environmental contributions.
The call was made during a high-level event hosted by the African Union Commission (AUC) and the African Development Bank (AfDB) Group at the African Union Mission to the United States.
The event was held on the sidelines of the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund (IMF).
Presenting key findings from the African Development Bank’s 2024 report titled: Measuring the Green Wealth of Nations, Chief Economist and Vice President of the Bank, Professor Kevin Urama, asserted that if African countries included carbon sequestration from forests in their GDP calculations, the continent’s GDP in 2022 would have increased by $66.1 billion — a 2.2 percent boost.
“Africa’s green wealth and the global ecosystem services it provides are largely unaccounted for in current economic models,” Urama said. “By adopting Natural Capital Accounting and updating national systems, we can better reflect our wealth and improve our access to sustainable finance.”
Ambassador Hilda Suka-Mafudze, the African Union’s Permanent Representative to the U.S., underscored the importance of transforming commitments into action.
“We need to invest in our systems of national accounts,” she said. “Proper valuation of our green assets is key to achieving shared prosperity and sustainable development.”
According to the Bank’s data, recalculating GDP based on carbon sequestration alone could result in significant increases: 38.2 percent in Côte d’Ivoire, 36.7 percent in Benin, and 33.5 percent in Niger.
The economic value of Africa’s natural resources was estimated at $6.2 trillion in 2018, with the continent accounting for 26 percent of global forest-based carbon capture despite contributing only 4 percent of carbon emissions.
Several speakers noted that many African nations still use versions of the System of National Accounts (SNA) dating back to 1968.
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The 2025 SNA update, which includes guidance on natural capital and the informal sector, offers a way to correct statistical gaps and align economic reporting with global standards.
Nigerien Prime Minister, Ali Lamine Zeine, stressed the urgency of redefining Africa’s economic identity. “Africa is underestimated,” he said. “We must work strategically to change this.”
Madagascar’s Minister of Economy and Finance, Rindra Rabarinirinarison, highlighted efforts in her country to pilot natural capital measurement systems, calling for increased technical support and technology transfer.
“Madagascar is a rich country, but not rich,” she said, pointing to its uncounted natural wealth.
Erich Strassner of the IMF’s Statistics Department described the Bank’s report as a “transformational tool” and said the IMF is ready to assist with implementation.
“This is not just about numbers—it’s about ensuring fair comparison of GDP across countries,” he said.
Professor Victor Murinde, Executive Secretary of the African Economic Research Consortium, called the report a bold and transformative step in addressing methodological gaps in GDP assessment.
“It offers a more accurate reflection of national wealth and provides new ground for economic research,” he said.
The AfDB committed to working with global partners to help countries rebase their GDPs, train local experts, and connect environmental data with development planning.
It will also leads the creation of an African Natural Capital Accounting Community of Practice to support this shift.
With the UN Climate Change Conference in Belém, Brazil approaching in November, African leaders plan to use the platform to advocate for reforms to global economic and financial systems that better account for Africa’s environmental contributions and sustainable development needs.
