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18 February 2026

Rethinking Growth in Africa: Towards a Regional Learning and Knowledge Network on Climate-Sensitive Macroeconomics

Watch the recording of the event

PAGE supported First Annual African Symposium on Climate-Sensitive Macroeconomics, titled “Rethinking Growth in Africa’s Natural Resource Base,” brought together policymakers, researchers, and development partners at Makerere University in Kampala, Uganda, on 12–13 February 2026.

Hosted by the Centre of Excellence for Africa Climate-Sensitive Macroeconomic Modelling (CEACM), the event tackled how African economies can manage climate shocks and natural capital depletion. Core topics included Natural Capital Accounting (NCA), climate-sensitive fiscal risk analysis, and building a continental knowledge network to boost institutional and human capacity in Ministries of Finance.

Speakers stressed that weaving environmental factors into economic policies is smart and an economic necessity for a continent so tied to its natural resources for productivity and fiscal health.

This symposium built directly on the Coalition of Finance Ministers for Climate Action (CFMCA) Global Deputies Meeting (9–11 February), with PAGE acting as a strategic bridge between the Coalition’s global initiatives and the regional platform in Africa.

It served as a practical regional flagship of the Coalition’s Economic Analysis for Green and Resilient Transitions Initiative, which equips finance ministries with “fit-for-purpose” tools to embed climate risks in public budgets. The event aligned closely with Helsinki Principle 4, which promotes integrating climate mitigation and adaptation into economic policymaking through stronger tools, knowledge, and whole-of-government approaches. It also supported the Coalition’s Flagship Guide, which is being updated with technical inputs from PAGE to link Finance Ministries’ actions – beyond climate – to nature, biodiversity, and industrial policy.  

PAGE contributed to the symposium by facilitating participation from universities and research and training centers across the region. It shared cutting-edge research and tools, including PAGE’s experience providing modelling support to countries, while laying the foundation for strengthened research capacity through regional knowledge hubs in Africa.

Vice Chancellor speaking at the Makerere University

Urgent Calls for Climate-Integrated Economics

At the Symposium, leaders underscored the urgency of climate-integrated economics.  

Professor Barnabas Nawangwe, Makerere University’s Vice Chancellor declared, “Integrating the environment into international accounts, fiscal planning and macroeconomic modelling is no longer an option. It is a prerequisite for sustainable development. It enables governments to better understand the economic value of ecosystems, assess climate risks, mobilize climate finance, and design policies that bring us growth with environmental stewardship.” He further noted that for Africa, where natural capital is a central pillar of economic activity, this integration represents both an “economic necessity, and a strategic opportunity”. 

The Embassy of Denmark’s Representative highlighted the role of integration of climate risk and natural capital into macroeconomic frameworks as a “massive de-risking strategy for private investment” through greater predictability.

Steven Stone, the UN PAGE Management Board Chair noted that because of the partnership between the Coalition and Makerere University, “huge things are possible,” as this environment allows economic policy to be “shaped,” “mapped,” and “formed” through the scenario building and policymaking discussions taking place during the symposium. 

“Ecosystem restoration and climate adaptation are not costs to the economy, they are investments for Uganda’s long-term economic stability, productivity and prosperity for all.”

Photo of Minister Beatrice Atim Anywar
Hon. Beatrice Atim Anywar
Minister of State for Water and Environment (Uganda).

“Ignoring these risks is no longer an option. It is in this context that natural capital accounting and climate sensitive macro-economic modelling become indispensable tools for policymakers.”

Photo of Uganda-Henry-Musasizi
Hon. Henry Musasizi
Minister of State for Finance, Planning and Economic Development (Uganda).

From Theory to Action - A roadmap for Regional Knowledge hubs

In different sessions, the symposium showed how to move from vision to implementation. A World Bank keynote on NCA’s fiscal policy impacts was followed by sessions on embedding climate data in macroeconomic models. Breakouts delved into NCA methods, fiscal modeling, and adoption strategies, with input from Zambia, Rwanda, Nigeria, and South Africa. With a focus on Africa’s development paths, partners like UNDP, UNITAR and UN PAGE focused their contributions on policy applications and financing climate-sensitive economics.  

 The symposium’s pivotal outcome was the presentation of the Kampala Statement of Intent by Prof. Edward Bbaale, a landmark call to action urging African universities, research institutions, and Ministries of Finance to integrate climate and natural capital into macroeconomic frameworks.  

The Kampala Statement launches the “Africa Knowledge and Learning Community” under the Pan-African Finance Ministers Forum for Climate Action (PAFCA), unleashing context-specific tools, sparking regional peer exchanges, and forging robust national ecosystems for evidence-based, locally owned policies. It bridges critical gaps in climate-resilient planning and rallies African institutions to sign on now, fueling sustained capacity continent-wide. 

Officials exchanging greetings at the Makerere Symposium
3 ministers sitting in the audience at Makerere University in Uganda.

Funding partners

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