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Assessing the contribution of bioeconomy to the economic growth and development of Ghana: analysis of the fishery industry
Omari, Frank Agyekum
The concept of bioeconomy and its importance in achieving economic growth while protecting the environment has gained significant attention on the research and policy front in recent years. The fisheries sector in Ghana is economically important and provides employment opportunities, but there is a lack of understanding on how to effectively adopt the bioeconomy paradigm in the sector. This study aims to identify the key factors such as employee motivation, research and innovation, knowledge and skills, regulatory quality, and the production process quality facilitating bioeconomy transition. The scope of the study focuses on exploring the nature of bioeconomy in Ghana in general and the contribution of bioeconomy to the growth of the economy and the development of Ghana. The research methodology relied on both primary and secondary data source and the study sample consisted of management and staff in the fishery sector. Utilizing structural equation modeling (SEM), SMARTPLS 4 software was employed to examine the data. Findings of this study revealed that, key drivers such as motivation of employees, knowledge and skills, research and innovation, regulatory quality, and the quality of the production process all tested significant to the dependent variable of organizational performance. The study provides significant findings regarding the factors, challenges, and approaches involved in the successful implementation of bioeconomy in Ghana’s fisheries industry. Based on the findings, important actions to enable a seamless transition include the implementation of strong financial mechanisms, formulation of supportive policy frameworks, and promoting research and development initiatives.
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