Africa’s ocean economy is predicted to generate $405 billion by 2023, but unless more is done to promote and apply best-practice use of marine resources, a decline in ocean health could cost the global economy $428 billion by 2050.
According to Alexis Grosskopf, founder of Africa’s first ocean-impact startup accelerator OceanHub, sustainable economic activity around the world’s oceans is a US$1.5 Trillion sector supporting around 31 million jobs.
Africa, though, is not yet harnessing all the opportunities the Blue Economy offers.
Grosskopf, who is organising the “Ocean Innovation Africa” (*) summit set down for next February in Cape Town, says: “African investors and entrepreneurs are not moving fast enough to capitalise on the opportunities open to them in the Blue Economy.
“The Blue Economy has traditionally encompassed areas such as fishing, aquaculture, tourism and maritime activities, but there is scope for so much more innovation in the sector.
“We need more entrepreneurs and investors moving into the Blue Economy to achieve sustainable growth at a pace and scale that matches – or exceeds – current ocean and humanitarian crises.
“The Blue Economy can offer multiple wins for the continent – innovative Blue Economy businesses can boost jobs, empower communities and support progress towards sustainable development goals.”
* To find out more about the summit, read this: “US$1.5 Trillion Blue Economy potential untapped in Africa.”