The Chief Executive of the Tree Crops Development Authority (TCDA), William Agyapong Quaittoo, has revealed that the government has committed to investing $60 million in the cashew sector, including processing.
He explained that the government had approved a $100 million loan from the World Bank, with approximately $60 million of that amount expected to be invested in the sector.
Moreover, 70% of the $60 million will be allocated to building several factories in the cashew catchment areas, which span 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.
During the 6th Consultative International Cashew Council (CICC) conference held at the Kempinski Hotel in Accra last Saturday, the Chief Executive of the Tree Crops Development Authority (TCDA), William Agyapong Quaittoo, announced that Ghana aimed to increase its cashew processing from 10% to 50% by the end of the sixth year.
He emphasized the need for Ghanaians to support this initiative to ensure its continuity, even in the event of a change in government.
The conference, themed “Projecting the cashew sector through local consumption, value addition, and job creation,” 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.
The goal was to deliberate and adopt mechanisms to make Africa dominate the cashew sector in the global market.
Member countries that participated included Ghana, Côte d’Ivoire, Benin, Togo, Nigeria, Cameroon, Senegal, Mali, Guinea, Guinea-Bissau, and Burkina Faso. Mozambique was also officially accepted as a new member at the conference.