Bio-economics of common resources over exploitation: case of lake Malombe chambo (oreochromis sp. chichlidae) fishery in Malawi

Despite being a landlocked country, Malawi has developed a remarkable fishing industry. The Maximum catch was 88,000 tonnes in 1987 but dropped to 7,000 tonnes in 1993. It is estimated that the number of fishermen is approximately 40,000 people. The secondary sectors like fish trade and boat building employ approximately 20,000 people. As such, the importance of Fisheries resources to the economy of Malawi cannot be understated. These resources make a significant contribution to the Gross Domestic Product (GDP), provide both direct and indirect employment, and supply relatively cheap protein to the population. The Chambo stocks in Lake Malombe declined rapidly in the late 1980s and collapsed in the early 1990s.<br />This paper examines a number of theoretical economic concepts that are central to the management of the exploitation of the fisheries resources in a manner that ensures sustainable in economic terms. It specifically focuses on the applicability of these concepts to Lake Malombe fisheries .<br /><br />The main objectives of this study are to:<br /> examine the number of theoretical economic concepts that are central to up-bringing of resources overexploitation elucidate an optimal or sustainable exploitation of fishery resources predict the steady state equilibrium of the fishery establish the main causes influencing over-exploitation provide a contrast of the inefficient open access equilibrium.<br />The author concludes that there are a number of underlying factors resulting in overexploitation on the fishery of Lake Malombe, which include the following:<br /> poverty exacerbated by dwindling resources from unsustainable exploitation of fisheries, agricultural land and forests, often as a result of the common property open access nature of the resources lack of employment opportunities and or socio-economic opportunities to avoid resources overexploitation lack of awareness about sustainable resource management amongst stakeholders and policy-makers lack of cohesive approach to management and development of resources withinthe zone.