CEO of the Tree Crops Development Authority (TCDA), William Agyapong Quaittoo, has highlighted the forthcoming revitalization of the cashew industry following the organization’s receipt of a loan from the World Bank.
Of the $100 million loan yet to be secured, Quaittoo revealed that $60 million will be allocated to bolstering the cashew sector.
Addressing attendees at the 6th Consultative International Cashew Council in Accra, Quaittoo expressed concern over the country’s low cashew nut production.
He stressed the need for farmers to increase cashew processing from 10 percent to 50 percent, emphasizing the importance of this endeavor.
To facilitate this transition, the CEO outlined plans to establish cashew factories in key areas such as the Bono, Bono-East, Savannah, and Oti 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,” William Agyapong Quaittoo stated.
He added that, “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.”
Mr Quaittoo said measures were being taken by the Tree Crops Development Authority to ensure Ghana’s cashew regained its status as the best on the market.