Unlocking Africa's blue economy potential: A call for sustainable investment

The 8th Meeting of the Organisation of African, Caribbean, and Pacific States (OACPS) Ministers Responsible for Oceans, Inland Waters, and Fisheries recently concluded in Tanzania, bringing together key stakeholders to discuss ways to accelerate action for sustainable and resilient oceans, fisheries, and aquaculture in OACPS countries and regions. During the meeting, Sara Mbago-Bhunu, Director of IFAD's East and Southern Africa Division, highlighted the importance of advancing sustainable practices and frameworks to protect oceans and promote economic resilience in the fisheries and aquaculture sectors. The conference focused on engaging with private investors in the aquaculture sector, showcasing achievements in the Blue Economy, and emphasizing strategic commitments to sustainable marine development. One of the key outcomes was the revitalization of agreements around policy changes and incentives to drive investments not just for income generation but also for environmental conservation. Challenges facing marine ecosystems and fisheries across OACPS member states were also discussed, including overfishing, illegal fishing practices, pollution with plastics, habitat degradation, and biodiversity loss. The need for improved governance, capacity building, technology, and community-based participation in fishing monitoring were highlighted as crucial steps to address these challenges. In terms of funding, key areas requiring investment include enhancing capacities, upgrading fishing vessels and aquaculture technologies, investing in skills development, connecting with financial institutions, and supporting restoration and protection of coastal areas. Several available sources of funding were identified, such as partnerships with banks, technology deployment, and public-private collaborations. Balancing economic development with sustainability was also a focus of the discussion. Sara emphasized the importance of deploying marine and aquatic biotechnologies that promote environmental sustainability, such as solar-driven refrigeration systems and seaweed farming. The promotion of eco-friendly practices, proper planning, marine spatial planning, and sustainable tourism were identified as crucial steps towards realizing Africa's Blue Economy potential. Public-private partnerships were highlighted as key drivers of sustainable investment, with IFAD actively promoting linkages between public and private players in various aquaculture projects across Eastern and Southern Africa. Sara noted the significance of job creation in the blue economy sector, citing examples of youth-led businesses developing innovative solutions for fish feed production. Despite the immense potential of Africa's blue economy, several challenges hinder its full realization. To attract more sustainable investments and overcome barriers, strategies such as developing eco-friendly fisheries, incorporating sustainable tourism, providing skills training, and fostering entrepreneurship among young people were recommended. The use of innovative technologies, such as hydroponics and digital-powered systems, tailored to rural areas without electricity, was also highlighted as a promising approach. In conclusion, the blue economy holds great promise for job creation and economic development in Africa, particularly for the youth. By implementing sustainable practices, fostering public-private partnerships, and empowering local communities, the continent can unlock its marine resources while ensuring long-term environmental preservation and economic growth.