Mr Abongile Dlani
PURPOSE: A nation's economy has been described as a mechanical engine comprised of interconnected, moving parts (Booz, 2012). The global economy is still struggling to gain momentum as many high-income countries continue to grapple with legacies of the global fiscal crisis in 2008. According to the World Bank (2017) forecasts traditional economic activities are not sufficient to grow economies at a faster rate. According to the OECD (2016) the ocean is the new economic frontier. It is increasingly recognised as indispensable for addressing many of the global challenges facing the planet in the decades to come. According to Coglan (2003) the ocean economy consists of all economic activity which derives all or part of its inputs from the ocean or Great Lakes. In South Africa, the maritime industry landscape is poised to undergo a profound transition. Led by the Presidency and various stakeholders a programme often termed “Operation Phakisa” has identified the oceans as the untouched economy. From a strategic perspective, the importance of the ‘blue economy’ in South Africa’s policy agenda is situated in the recognition of the converging sea lanes as its 10th province.
METHODS: To systematically solve the research problem this information was verified by cross - questioning relevant literature regarding the subject matter. This paper analyses and reviews literature to give effect to the possible outcome of Buffalo City Metropolitan Municipality (BCMM) Oceans Economy programmes and whether the current programme trajectory will have a catalytic effect on the region’s economy.
FINDINGS: It is envisioned that the study will form a comprehensive understanding of the Oceans Economy programme in Buffalo City and whether such developments will have a catalytic effect on the local economy and boost investment.;