Insight into the Utilization of the Blue Sources of Funds in Fisheries Investment as a Key Sector in Blue Economy in Zanzibar

Abstract

The study examined the insight into utilization of the blue sources of funds for fishery investment in Zanzibar. The study intended to help the blue economy plans in showing the importance of financing fishing sector in order to empower those who are engaged. Using questionnaire and interview collected the primary data. The study applied both (quantitative and qualitative) analyses. Quantitative method was in the form of descriptive statistics using frequency distribution while the qualitative method was in the form of content analysis. The findings of the study showed that funds were utilized in purchasing boats, equipment’s and machines. The results showed that self-finance and retained earnings were used mostly to purchase machines. However government grants were used to purchase boats while loans were used to purchase equipment’s. This implies that most of the fisher folks are very poor to finance themselves to purchase boats explaining why they use government grants to purchase boats. Therefore, the owners of the boats and fisher folks should ensure the effective utilization of funds obtained from different sources for fisheries activities in order to generate higher return on fisheries investments.