By: Kemo Kanyi
Dr Foday Joof, a resource economist and sustainable finance expert has warned that poor fisheries management poses a serious threat to Gambia’s economy saying approximately 8.3 million tonnes of fish, worth around US$9.5 billion have been extracted from Gambian waters over the past 70 years.
Speaking in an exclusive interview with The Voice on Monday, Dr Joof said his research had highlighted the growing impact of weak fisheries governance, which he attributed to declining fish stocks caused by overfishing.
He said the situation has been worsened by agreements signed by the government, including the establishment of fishmeal factories by Chinese investors and what he described as “so-called” sustainable fishing agreements with the European Union, which allow foreign fleets to exploit the country’s marine resources in exchange for financial compensation.
According to Dr Joof, the economic value lost through these activities is significant, especially for a country like The Gambia whose economy largely depends on tax-based revenue.
He argued that beyond direct financial gains, the country could explore other economic opportunities linked to sustainable management of its natural resources.
The economist estimated that foreign industrial fishing fleets have extracted more than three million tonnes of fish from Gambian waters, representing an estimated value of US$3.4 billion.
He further claimed that illegal, unreported and unregulated (IUU) fishing activities accounted for an additional 5.2 million tonnes of fish, valued at about US$6.1 billion.
Combining reported and unreported catches, Dr Joof estimated that approximately 8.3 million tonnes of fish, worth around US$9.5 billion have been extracted from Gambian waters over the past 70 years.
He says this figure is nearly five times higher than The Gambia’s current Gross Domestic Product (GDP), estimated at around US$2 billion.
“I found out that only seven percent of this total accrued to the country which is around US$200 million, meaning US$9.3 billion was lost between 1950 and 2019 due to the activities of distant fishing fleets,” he said.
Dr Joof says his research, titled “The Sunken Billions: A Perspective of The Gambia,” examines the economic losses associated with fisheries exploitation and the growing risks to national food security.
He warned that the country is approaching a critical point where continued depletion of marine resources could lead to irreversible consequences.
“The situation is aggravating, and once the country reaches that tipping point, it might become irreversible,” he cautioned.
The economist called on the government and other stakeholders to strengthen fisheries governance by expanding marine protected areas, reviewing existing fishing agreements and establishing stronger systems to safeguard the country’s marine resources.
He also urged authorities to develop policies that promote sustainable fishing practices and protect the long-term future of The Gambia’s fisheries sector.
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