Tidal Waves: Govt approves $150 million loan facility

The government has approved a $150 mi lion World Bank loan to help fight coastal degradation, Vice President, Dr. Mahamadu Bawumia announced

Speaking at the University of Cape Coast’s 3rd Conference on Fisheries and Coastal Environment in Accra, Dr. Bawumia revealed:

“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.”

According to Dr. Bawumia, the loan would be used to finance several projects, including the development of sustainable fishing and aquaculture practices and the promotion of blue tourism and other blue economic activities.

In discussing the Blue Economy in Ghana, Dr Bawumia spoke about the enormous benefits from the ocean to the country, including fishing and tourism and jobs, and how these gains are threatened by degradation of Ghana’s coastal landscape.

Source: Kapital Online Team//2023