News in Brief:
– Ghana plans to invest $60 million to boost its cashew industry, focusing on building processing facilities and increasing domestic production.
– This move aligns with goals discussed at a cashew industry conference held in the country, aiming to solidify Africa’s role in the global cashew market
Ghana has pledged to invest $60 million into developing its cashew industry, with a focus on establishing processing facilities. It forms part of a larger $100 million World Bank loan secured by the Tree Crops Development Authority (TCDA).
The announcement came during the 6th Consultative International Cashew Council (CICC) conference held in Accra, Ghana, aimed at exploring strategies for strengthening Africa’s position in the global cashew market.
One of the key aspects of Ghana’s investment plan include factory construction. About 70% of the allocated $60 million is ecpected to go into building cashew processing factories across eight regions in Ghana. Then, it also focuses on increasing domestic production which will feed the factories with raw materials. Ghana aims to significantly increase cashew processing rates, targeting a rise from 10% to 50% within six years.
This ambition is bolstered by a recent surge in cashew production, driven by the distribution of millions of cashew seedlings to farmers.
The initiative has garnered support from Ghana’s Deputy Minister for Food and Agriculture, Yaw Frimpong Addo. He stressed the need for collaboration among African cashew-producing nations and highlighted Ghana’s potential as a research hub for the sub-region.
However, some challenges came to light during the conference including concerns about illegal practices by foreign exporters and the potential impact of global conflicts on the cashew trade.
Nonetheless, Ghana’s investment plan is seen by analysts as a commitment to strengthening the domestic cashew industry. This is with a view to increasing processing capacity, enhance production, while solidifying Africa’s position as a leading force in the global cashew market.
