Ghana acquires 53.3 million dollars to boost fisheries sub-sector

Accra, July 22, GNA - The World Bank’s Board of Executive Directors has approved a total investment cost estimated at 53.8 million dollars, of which IDA would finance 50.3 million dollars and 3.5 million dollars would be financed by a grant from the Global Environmental Facility (GEF).

A release from the World Bank Office in Accra made available to GNA on Friday said the project has five components comprising Good Governance and Sustainable Management of the Fisheries to be financed to the tune of 15.2 million dollars by IDA and 3.5 million dollars by GEF.

This component aims to build the capacity of the Government and stakeholders to develop and implement policies through a shared approach that would ensure that the fish resources are used in a manner that is environmentally sustainable, socially equitable and economically profitable.

It would comprise the following four subcomponents: (i) developing the legal and operational policy to enable the implementation of the Ghana Fisheries and Aquaculture Sector Development Plan; (ii) strengthening fisheries management, including fishing rights and stakeholder-based management and ensuring necessary research activities for sustainable exploitation; (iii) aligning fishing capacity and effort to sustainable catch levels; and (iv) social marketing, communication and transparency.

The second component, which would cost 10.9 million dollars, would focus on the reduction of illegal fishing. The component aims to reduce the illegal fishing activities threatening the sustainable management of the country’s fish resources by strengthening fisheries monitoring, control and surveillance (MCS) systems.

The third component, which would be implemented at a cost of 12.1 million dollars, would aim at increasing the contribution of the fish resources to the national economy. IDA would finance the component.

The component aims to identify and implement measures to increase the benefits to Ghana from the fish resources, by increasing the share of the value-added captured in the country. It will comprise the following sub-components: (i) value chain development (fresh/frozen product/trade facilitation); and (ii) fish product trade and information systems.

The fourth component would focus on Aquaculture Development at a cost 8.0 million dollars to be financed by IDA.

This component aims to set the framework for increased investment in inland aquaculture. It will comprise the following sub-components (i) developing the aquaculture policy and legal framework; (ii) improving the genetic quality of Tilapia fingerlings and brood-stock; (iii) catalyzing aquaculture development for medium and large scale enterprises; (iv) marketing and technical studies; and (v) support for small-scale aquaculture development.

The fifth component would be Project Management, Monitoring and Evaluation and Regional Coordination at a cost of 4.1 million dollars to be financed by IDA.

The component aims to support project implementation and regional coordination with the WARFP, ensuring that regular monitoring and evaluation is conducted, and the results are fed back into decision-making and project management.