Ghana announces USD 60M investment in cashew nut sector

GHANA – Ghana, a major producer of cashew nuts in West Africa, will invest USD 60 million in its cashew nut sector.

The Tree Crops Development Authority (TCDA) plans to disburse the funds, announced by Director General William Agyapong Quaittoo on April 20. The investment aims to boost cashew nut processing and production in the country.

The investment was negotiated with the World Bank and the Ghanaian government. Of the total investment, around USD 42 million will go toward establishing new processing units in key cashew production regions, including Bono, East Bono, Savannah, and Oti. This will lead to the creation of factories across eight regions.

“We are conducting feasibility studies, and soon, there will be new cashew factories established in the major production areas,” Quaittoo said.

Ghana aims to process around 50% of its local cashew nut production locally by 2030, a significant increase from the current rate of less than 10%. This strategy could help create jobs and add value to the cashew nut supply chain.

In 2022, Ghana earned approximately USD 493 million in export revenue from the cashew nut sector, with 98% of that coming from raw cashew nut exports. Increasing local processing could enhance export revenue and boost the local economy.

Sustainable approaches and initiatives

West Africa’s cashew harvest has been on the rise, reaching 3 million tons in 2023. This growth reflects the region’s increasing prominence in global cashew production.

As part of the efforts to ensure sustainability and equitable benefits for farmers, the West Africa PRO-Cashew Project was launched by the USDA Food for Progress initiative.

It aims to improve the competitiveness of West African cashew producers through improved efficiency, quality, and regional trade policies.

Meanwhile, companies like Tolaro Global, based in Benin, are leading the way in sustainable cashew farming in West Africa. Tolaro Global employs over 600 people and works with around 7,000 cashew farmers.

Their focus on fair trade and sustainable practices is helping to create a more equitable supply chain.

The investment in Ghana’s cashew nut sector, along with other regional initiatives, represents a promising development for the industry.

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