Dr Mahamudu Bawumia, the newly elected flagbearer of the New Patriotic Party (NPP), has emphasised the significance of the blue economy in the party's 2024 manifesto.

The Vice President said that the preservation of marine and freshwater environments is essential for the growth of Ghana's economy.

Speaking at the 3rd Conference on Fisheries and Coastal Environment at the University of Cape Coast, on Monday, November 6, Dr Bawumia disclosed that the government has sanctioned a $150 million World Bank loan to combat coastal degradation.

He said the loan will fund various projects, including the advancement of sustainable fishing and aquaculture practices, as well as the promotion of blue tourism and other economic activities related to the marine sector.

“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.”

Dr. Bawumia underscored the government's dedication to collaborating with the private sector for the development of the blue economy. He mentioned incentives like tax exemptions and access to funding that have been established to attract private investment in this sector.

He emphasised that the blue economy has the potential to generate millions of jobs and yield billions of dollars in revenue for Ghana.