The government has committed to invest $60 million in the cashew sector, including processing, the Chief Executive of Tree Crops Development Authority (TCDA), William Agyapong Quaittoo, has revealed.
He explained that government had approved a $100 million loan from the World Bank, with about $60 million out of that amount expected to be invested in the sector.
Also, 70 per cent of the $60 million will be invested in building several factories in the cashew catchment areas, spanning eight regions.
“Government has allowed Tree Crops Development Authority to take a World Bank loan of $100 million, out of which $ 60 million will be invested in cashew. Also, 70 per cent of the $60 million will be invested in cashew processing.
“The feasibility study is being done and soon we will see the establishment of various cashew factories in catchment areas such the Bono, Bono-East, Savannah and Oti regions and other places. It spans about eight regions,” he said.
He added that Ghana currently processed only 10 per cent of its produced cashew nuts and, therefore, intended to increase cashew processing from 10 per cent to 50 per cent by the end of the sixth year.
He urged Ghanaians to promote the initiative and ensure it continues even if there is a change of government.
Mr Quaittoo was speaking at the 6th Consultative International Cashew Council (CICC) conference held at the Kempinski Hotel in Accra last Saturday.
The conference brought together a significant number of ministers of Agriculture, Trade and Industries from 12 African countries forming the CICC, as well as experts and researchers to deliberate and adopt mechanisms to make Africa dominate the cashew sector in the global market.
It was on the theme: “Projecting the cashew sector through local consumption, value addition, and job creation”.
Among member countries that participated were Ghana, Côte d’Ivoire, Benin, Togo, Nigeria, Cameroon, Senegal, Mali, Guinea, Guinea-Bissau, Burkina Faso, and Mozambique that was officially accepted as a new member at the conference.
