Blue economy investment and sustainability of Ghana’s territorial waters: an application of structural equation modelling

ABSTRACT

Despite the fact that Blue Economy Investment (BEI) contributes immensely towards sustainable use of marine resources for economic growth, improved livelihoods, employment and healthy marine ecosystem, little efforts have been made to encourage sustainable investment in this area. In Ghana, the Marine Pollution Act 2016 (Act, 932) was promulgated to prevent, regulate and control pollution within Ghana’s territorial waters. Meanwhile, the health of Ghana’s oceans keeps deteriorating. This paper aims to develop an integrative model to enhance BEI through Sustainable Supply Chain Performance (SSCP) by integrating competing theories to attract sustainable investment to conserve and make sustainable use of marine resources. We anchored our study on quantitative research approach and a cross-sectional survey data. Our hypotheses have been tested using variance-based Structural Equation Modeling and SMART-PLS version 3.3.1. The study has revealed that organisational factors, technological factors, supply chain risk, green environmental awareness, perceived cost and regulatory environment are significant determinants of BEI. Moreover, BEI significantly drives SSCP. Again, BEI significantly mediates the relation between its determinants and SSCP. The implications include the emergence of an integrated model which could be used to improve marine resources investment and the realisation of Sustainable Development Goals 3, 13 and 14.

KEYWORDS:

• Blue economy adoption
• sustainable investment
• marine resources; economic
• Growth
• Climate actions

Highlights

• This paper aims to develop an integrative model to enhance Blue Economy Investment through sustainable supply chain performance by integrating competing theories to attract sustainable investment to conserve and make sustainable use of marine resources.

• There is very little evidence in literature of similar studies within the context of marine resources investment in Ghana or elsewhere being to determine blue economy adoption and sustainable supply chain performance.

• The implications include the emergence of an integrated model which could be used to improve marine resources investment and the realisation of Sustainable Development Goals 3, 13 and 14 in Ghana.

Disclosure statement

No potential conflict of interest was reported by the authors.

Additional information

Notes on contributors

Michael Karikari Appiah

Michael Karikari Appiah (Ph.D.) is a Research Consultant and a Lecturer at the School of Sustainable Development, University of Environment and Sustainable Development in Ghana. Michael does research in sustainable development, energy economics, environmental economics and policy, renewable energy resources and technologies, development economics, entrepreneurship, management and sociology. His current project is “Modelling SMEs Investment Strategies to Enhance Indigenous Participation in Renewable Energy Transition Industry”. Michael conceptualized the idea, developed the theoretical framework, contributions of the study, designed the data collection instruments, analyzed the data. All the contributors proofread and approved the final draft.

Elikplim Ameko

Elikplim Ameko is a research assistant at the School of Sustainable Development, University of Environment and Sustainable Development in Ghana. Elikplim has interest in Supply chain, sustainable development, renewable energy resources, Green energy technologies among others. Elikplim provided assistance throughout the research process including - theoretical development, data collection, data analysis, instrument development and was sole responsible for the piloting of the instrument. He proofread and approved the final version of the manuscript.

Theodora Akweley Asiamah

Theodora Akweley Asiamah (Ph.D.) is a Senior lecturer at the Department of Water Resources and Sustainable Development, University of Environment and Sustainable Development in Ghana. Theodora teaches and researches in indigenous development, sustainability, community development, gender studies, financial inclusion, and environmental development. Theodora was responsible for the discussion of the result, implications of the study and also assisted in the data collection, proofreading and approval of the final manuscript.

Rahmat Quaigrane Duker

Rahmat Quaigrane Duker (Ph.D.) is a lecturer at the School Natural and Environmental, University of Environment and Sustainable Development in Ghana. Rahmat does teach and research in sustainable development, sustainable communities, aquatic ecotoxicology, aquatic, pollution (sediment pollution and remediation), Water quality monitoring and analysis, Environmental monitoring and emerging pollutants.