Makerere University Vice Chancellor Prof. Barnabas Nawangwe has urged African policymakers, researchers, and development partners to rethink traditional economic models and adopt climate-sensitive planning approaches, warning that the continent’s economic transformation cannot be separated from environmental realities.
Nawangwe made the remarks on Thursday while delivering his welcome address at the First African Symposium on Natural Capital Accounting and Climate-Sensitive Macroeconomic Modelling, held at Makerere University Main Hall. The two-day event, running from February 12 to 13, is held under the theme: “Climate-Sensitive Macroeconomics: Rethinking Growth in Africa’s Natural Resource Base.”
“With gratitude, I welcome you all to Makerere University, and to this historic gathering,” Nawangwe said. He described the symposium as timely, coming at a moment when Africa and the world are grappling with the economic consequences of climate change, biodiversity loss, and environmental degradation.
Climate Shocks Forcing New Thinking
The Vice Chancellor warned that Africa is already facing escalating climate shocks and pressures on natural resources, which have amplified fiscal vulnerabilities across the continent.
“As Africa faces recurrent climate shocks, biodiversity loss, pressures on natural capital, and increasing fiscal vulnerabilities linked to environmental change, it is becoming evident that economic transformation cannot be pursued in isolation from climate and environmental realities,” Nawangwe said.
He emphasised that African economies rely heavily on natural resources for livelihoods, revenue generation, and structural transformation—but these resources are under unprecedented strain. “Our economies depend heavily on natural resources for livelihoods, fiscal revenues, and structural transformation, yet these same resources are under unprecedented stress,” he said, adding that ignoring climate risks would jeopardise long-term economic stability.
Makerere Positioned as a Continental Hub
Prof. Nawangwe highlighted Makerere University’s deliberate role as a continental leader in climate-sensitive macroeconomic research and policy.
“Makerere University has deliberately positioned itself as a key contributor to this continental agenda. Universities must not only generate knowledge but also translate research into policy-relevant insights that support governments, regional institutions, and development partners,” he said.
He pointed to Makerere’s longstanding collaboration with the Ministry of Finance, Planning and Economic Development (MoFPED) as a model of academia-government partnership.
“Our collaboration with MoFPED stands as a shining example of how academia and government can work together to strengthen economic management,” Nawangwe said, noting that such partnerships underpin the work of the Centre of Excellence for Africa Climate-Sensitive Macroeconomic Modelling (CEACM).
Capacity and Policy Tools
The symposium featured presentations from leading experts on the intersection of natural capital, climate risks, and macroeconomic policy:
Prof. Edward Bbaale, Principal at Makerere’s College of Business and Management Sciences, highlighted CEACM’s capacity-building initiatives.
He showcased short-term courses and the MSc in Economic and Investment Modelling, designed to equip economists to integrate natural capital and climate risks into macroeconomic policy frameworks.
“Our goal is to ensure African Ministries of Finance have home-grown technical expertise to embed climate and natural capital considerations into fiscal and macroeconomic policy,” Bbaale said. “This is critical for achieving long-term resilience and sustainable development.”
Dr Peter Bagyenda, Assistant Lecturer in the Department of Policy and Development Economics, presented the MONCAP Model (Model for Natural Capital Policy Assessment), developed collaboratively by Makerere University, the Ministry of Water and Environment, and other government agencies.
“MONCAP allows policymakers to estimate the economic cost of depleting natural assets such as forests, wetlands, and water resources,” Bagyenda explained. “It helps simulate policy options and determine how investments in natural capital can yield long-term fiscal and macroeconomic benefits.”
He demonstrated how MONCAP has informed Uganda’s clean energy transition, forest restoration policies, and broader climate adaptation strategies, emphasising its relevance for budgeting, fiscal planning, and evidence-based policymaking.
The symposium, hosted by Makerere University through CEACM, continues through Friday, February 13, combining keynote presentations, technical sessions, and capacity-building workshops. MoFPED, the Ministry of Water and Environment, GGGI, UN PAGE, and the Coalition of Finance Ministers for Climate Action support it.
The event aims to modernise how African nations measure wealth by incorporating climate risks, biodiversity loss, and ecosystem degradation into macroeconomic models. CEACM is positioned as a continental hub for research, training, and policy advisory, providing African governments with tools and technical guidance to integrate climate and natural capital into national economic planning.
By linking evidence-based research to policy and building local expertise, Makerere University and CEACM aim to ensure Africa’s economic transformation is resilient, inclusive, and environmentally sustainable.
