World Bank approves $53.8m financial package for Ghana’s fishing industry
The Board of Executive Directors of the World Bank on July 14, 2011 in Washington approved a $53.8 million financial package to support the fisheries sector in Ghana.
The package which is under the West Africa Regional Fisheries Programme, includes a $50.3 million International Development Association (IDA) credit and a $3.5 million Global Environment Facility (GEF) Trust Fund grant.
“The project objective is to support the sustainable management of Ghana’s fish and aquatic resources by: (i) strengthening the country’s capacity to sustainably govern and manage the fisheries; (ii) reducing illegal fishing; (iii) increasing the value and profitability generated by the fish resources and the proportion of that value captured by the country; and (iv) developing aquaculture,” the World Bank says.
In the terms of condition, The World Bank stated that the maturity period is 30 years with a grace period of 10 years.
The fishing industry in the country has been experiencing some challenges over the past years. A couple of months ago, some fishermen in the capital embarked on a demonstration and walked to the seat of government to demand more attention to the sector.
Food and Agriculture Minister, Mr Kwesi Ahwoi, answering questions on the floor of Parliament about the demonstration on June 16, 2011, described the demonstration as a positive one.
He said it sent a strong signal that there was the need to implement the Fisheries Regulations 2010 (Legislative Instrument 1968) which will prosecute offenders of the laws and regulations.
Mr Ahwoi explained that the Fisheries Commission in collaboration with the Ghana Maritime Authority was taking steps to hook fishery surveillance on to the integrated coastal surveillance system to provide an efficient monitoring device for effective checking of fishing activities along the coast.
Official data from the Ghana Statistical Service (GSS) shows that the fishing sector is recording insignificant growth compared with the other sectors of the economy.
In 2007, growth in the sector declined by 7.2% but in 2008, it grew by 17.4%.
The sector declined in growth acceleration in 2009 recording a -5.7% whiles in 2010 it was up by 1.5%.
For the 2011 year first quarter, the sector recorded a decline growth of 2.8%, the least among all the subsectors in the agricultural basket.
During a visit to the Jamestown Fishing Harbour in Accra by ghanabusinessnews.com last year, fishermen complained about the expensive nature of the trade. They cited fishing net, canoes as well as outboard motors among others as been costly.
Moreover, the cost of setting up a fish pond in the country ranges between GH¢3,000 and GH¢4,000.
By Ekow Quandzie