A blue economy is an economic system that seeks to conserve marine and freshwater environments while using them sustainably to develop economic growth and produce resources such as energy and food.
The World Bank defines the blue economy as the “sustainable use of ocean resources to benefit economies, livelihoods and ocean ecosystem health”.
Vice President Dr. Mahamudu Bawumia has stressed on the need to propel the country’s blue economy.
Speaking at the University of Cape Coast’s 3rd Conference on Fisheries and Coastal Environment in Accra, Dr. Bawumia revealed: “The government has approved a loan of $150 million from the World Bank for the West Africa coastal area programme to stem the tide of coastal degradation occurring in our coastal areas.”
He stated that the loan would finance various initiatives, such as the development of sustainable fishing and aquaculture practices, blue tourism and other blue economic activities.
However, Kwesi Pratt wonders how the nation can handle a blue economy when we’ve not been able to manage other resources well.
“Our economy now has colour; the economy Bawumia is bringing is blue and so I decided to study and understand what the blue economy is . . . there’s a common factor which is the ocean; the mobilization of the resources in the ocean. We’ve not been able to manage things well even with diamond, Lithium, Timber, rivers, gold, iron, and so on, and now we want to bring a blue economy . . . ”
Source: peacefmonline.com
