{"id":420993,"date":"2011-05-10T14:10:43","date_gmt":"2011-05-10T14:10:43","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/10\/fishermen-fear-oil-extraction-will-deplete-stocks\/"},"modified":"2011-05-10T14:10:43","modified_gmt":"2011-05-10T14:10:43","slug":"fishermen-fear-oil-extraction-will-deplete-stocks","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/10\/fishermen-fear-oil-extraction-will-deplete-stocks\/","title":{"rendered":"Fishermen Fear Oil Extraction Will Deplete Stocks"},"content":{"rendered":"
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Business Daily<\/a> (Nairobi)<\/p>\n

10 May 2011<\/p>\n

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With the government now focused on extracting oil in the precincts of Lake Albert, there are increased fears for the depletion of fish from the lake.<\/p>\n

Latest development from the fishing folks operating near Lake Albert indicate that the fish stocks are being depleted.<\/p>\n

“We used to get between 100 and 102 kilogrammes of tilapia or Nile perch daily but we hardly get much of the two species these days,” Mr Fred Ochuki, the Secretary Beach management unit Sebagoro landing site said last week.<\/p>\n

He said whereas they used to collect about 20 to 25 basins of silver fish on a daily basis, they can only afford less than 10, which signals a crisis in future if nothing is done to put the situation right.<\/p>\n

Mr Asuman Irumba of Kaiso Tonya landing site said there is overfishing on the lake as a result of population expansion brought about by the excitement of oil discovery and use of illegal gear.<\/p>\n

“Our soils are not good for farming. We entirely depend on fishing that is also being threatened by reduced stocks,” Mr Irumba said.<\/p>\n

National Association of Professional Environmentalists Officer, Mr Allan Kalangi said the government has not paid adequate attention to the sector.<\/p>\n

Meanwhile, as global financial markets stabilise, Uganda has been advised to take advantage of the situation to borrow vast amounts of development finance through international capital markets.<\/p>\n

Mr Francois Ekam-Dick, the chief executive officer of Iroko Securities Ltd in the United Kingdom, told the government that it stands a chance to access between $500 million (Sh1.2 trillion) and $1 billion (Sh2.3 trillion) in project loans from global investors.<\/p>\n

He noted that there is a lot of private finance in Europe and Asia that is ready to finance large and profitable infrastructure projects such as the planned 700 Mega Watt Karuma Hydro Power Dam in Masindi, in northern Uganda.<\/p>\n

“Come to the capital markets. That’s what Latin American countries are doing, that’s what Asian countries are doing. Don’t be afraid,” he told government officials and private sector executives at an investment seminar in Kampala, last week.<\/p>\n

The finance expert said international markets such as the Eurobond in Europe; have over $1 trillion waiting to be borrowed by willing governments and corporations from any part of the world.<\/p>\n

African governments that have already benefited from this kind of financing include; Nigeria which borrowed $500 million from the Eurobond, Ghana ($750 million), Gabon, ($1 billion), and Senegal (Euro 300 million).<\/p>\n

These loans are borrowed by issuance of long term government debt papers known as bonds through foreign capital markets.<\/p>\n

According to Mr Ekam-Dick, the loans are issued at very competitive rates, like 5 per cent per annum as opposed to the 10.9 to 13.6 per cent yields on government and corporate bonds in Uganda today.<\/p>\n

peaking at the seminar, Mr Fred Jachan Omach, the state minister for finance noted that the government will rely on private capital markets to finance the budget.<\/p>\n

<\/p>\n

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\nFishermen Fear Oil Extraction Will Deplete Stocks<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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