‘Africa presents huge investment opportunities in blue economy’

• Loses $350 million yearly to illegal fishing
For the continent to fully optimize the benefits of blue economy, Africans need to work together on a country and regional level to put in place and, more crucially, implement a sustainable maritime governance system that will benefit the whole continent.

This was the consensus of delegates at the Africa Blue Economy Forum (ABEF) held in London. They emphasized on the need for African government to exploit the huge opportunities inherent in the blue economy agenda.

Chief Executive Officer of the World Ocean Council, Paul Holthus, said: “Africa presents major blue economy investment opportunities and also sustainable development challenges. We are working to bring together ocean business community leadership and collaboration in Africa to address the opportunities and challenges.”

Also, Gregor Paterson-Jones, an independent expert on renewable energy investment, said: “The blue economy is not a uniform theme. The green economy is more easily defined, because it relates to ‘clean’ energies. The blue economy has multiple sectors with different types of investment opportunities. I always say blue is the new green.”

Coordinator, African Trade Policy Centre, United Nations Economic Commission for Africa, David Luke, remarked: “Because the blue economy is such a broad concept, we need to bring coherence to it. As far as Africa is concerned, we need to be part of the change we see happening on the continent for the blue economy to have traction.”

Minister-Counsellor to the President of the Togolese Republic, Stanislas Baba, said: “Trade is an unexploited resource in Africa, but the blue economy has to be handled carefully. $350 million is lost each year in Africa due to illegal fishing. We can combat poverty by using our seas.”

Deputy Director General, World Trade Organisation, Yonov Frederick Agah, said achieving a regional approach will not be easy, noting that “One of the problems we have in Africa is that we don’t like ideas. Blueprint programmes are lying on the shelf. Integration means letting go of certain things.”

Speakers and delegates at ABEF 2018 agreed on the need for innovative financing to start developing the Africa blue economy on a wider scale, not only from governments, but also the private sector.

The forum also agreed that relevant data and more research is required to shape policies, especially with regard to climate change, while focusing on educating Africa’s youth is also key to shaping the blue economy, which has the capacity to provide desperately needed jobs for the younger generation across the continent.

Founder and Chief Executive Officer of ABEF, Leila Ben Hassen, said: “The blue economy is not simply the responsibility of the 38 African coastal countries, but is also highly relevant to their landlocked neighbours. We must all contribute to put the blue economy into action, to help reduce poverty, improve livelihoods and assure sustainable socio-economic development.”