In this paper, various ways in which water and other resources are valued in the Okavango River Basin (ORB) have been discussed. The author relates this discussion to existing and emerging structures of governance and highlights the political nature of these activities. The author sets the specific discussion within the conceptual framework of 'governance' and argues, following a theoretical framework provided by Allan (2003), that activities in the ORB, while appearing logically consistent and progressive, are in fact fraught with political infighting born of possibly non-compatible views of the value of the resource base. In the search for sustainable forms of resource governance, these issues must be openly acknowledged, not ignored. See: http://www.orc.ub.bw/downloads/AbstractSwatuk05.pdf