Abstract

The true value of water should be utilized to help orchestrate the governance of managing water, in social, economic, and environmentally effective objectives. Despite the fact that water is a fundamental instrument for human survival, it is the most underestimated resource in the world. The question remains, what is the true economic value of this depleting resource? Generally, the sector responsible for controlling water, focuses on the fiscal aspect of this resource, ensuring that the quality and quantity of the resource are upheld. The economic value of water reflects upon the benefits and services that are scarcity affects. The value of water is higher in dry climates, due to the fact that this vital resource is scarce, triggering competition among users (NWRI, 2003). The more pressing question that needs to be analyzed is what purpose is water being used for. The reason why this question is difficult to answer is because the value of water is closely tied to productivity and value of the resource (Ramachandra, Rajanikanth & Ranjini, 2005).

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