Piracy costs shipping industry US$1bn annually

The incidence of piracy, including illegal fishing off the West African coastline, has increased and is costing the shipping and offshore industry more than US$1billion per annum.

This came to light during a Maritime and Surveillance Conference held in Accra and sponsored by the Paramount Group, Africa’s largest privately-owned defence and aerospace business.The event brought together various stakeholders in the African marine industry, including navy officials and governmental agencies.

According to James Fisher, Chief Executive Officer of Paramount Group, the problems associated with the marine environment of the sub-region are impeding trade and business undertakings within the region. He called for coordination and knowledge-sharing to halt it.

“Bearing in mind that 90 percent of trade in Africa is seaborne, the most imminent threat comes from the sea in the form of piracy. As a result, we need to establish regional cooperation including the sharing of intelligence and streamlining operations.”

He admonished the marine industry on the continent not to be too reliant on gifted vessels, as they come with accompanying consequences including high maintenance cost as well not being mission-appropriate.

“Africa has a tradition of being gifted vessels from the international market or vessels that may not be mission-appropriate. We are a firm believer that gifted vessels may not necessarily be the answer for Africa; they come with high maintenance cost, and I think is time for us to choose our own solutions and our own appropriate vessels.

“The solutions we have come in the form of multi-purpose vessels that are capable of detecting and picking up threats as well as staying on the water for as long as possible.”

Paramount Group has been working in Ghana for close to two years, collaborating with various stakeholders including the Ghanaian navy, said Mr. Fisher, calling on Ghanaians to secure and treat water as an asset.

“The mindset in this country needs to change. We have to treat the waters like you treat the farmland. These are assets that need to be protected and taken seriously.”

He said the company sees Ghana as an avenue to expand into other countries in the West African region and intends to set up a permanent base in the future.

“We believe Ghana can be a springboard for a lot of companies like Paramount to go into other neighbouring countries. We are proud to be here in a country that we think is the safest place to do business on the Africa continent.”

By Thomas Moore A. Adingo | B&FT Online | Ghana