The Soya Value Chain Association of Ghana has emphasized the potential for soya to generate more revenue than cocoa if it receives the necessary attention as a cash crop.
The association is advocating for the development of a national strategic roadmap to address challenges in the soya sector and capitalize on its economic prospects.
“If the country looks at soya as a cash crop, it could generate income up to the level of cocoa or even more, saying this is a very great potential revenue earner for the country.”
Mr. Thomas W. Bello, Chairman of the Association, made these statements during a consultative dialogue in Accra.
He stressed that considering soya as a cash crop could lead to income levels equivalent to or even surpassing cocoa, presenting a significant revenue-generating opportunity for the country.
The lack of effective coordination among various stakeholders in the soy value chain, including development partners, government agencies, and the private sector, has limited the sector’s overall impact.
Mr. Bello emphasized the importance of collaboration with these stakeholders to enhance profitability, contribute to Ghana’s economic growth, and ensure food security.
He urged policymakers to seize this opportunity to generate substantial revenue and harness the global demand for soy.
Additionally, he encouraged both the government and farmers to recognize the potential of cultivating soybeans to diversify Ghana’s economy and increase export earnings.
Mr. Bello highlighted the need for a comprehensive national strategy plan to provide a clear roadmap for the long-term growth of the country’s soy industry.
The association has been actively involved in discussions and advocacy to support the sector’s growth and sustainability.
Mr. Dominic Ayine, Member of Parliament for Bolgatanga Central and Chairman of the Subsidiary Legislation Committee of Parliament, advised that the process should begin with the Ministry of Trade and Industry, which holds jurisdiction over the matter.
The consultative meeting also called for formal collaboration with stakeholder organizations, such as the Alliance for the Green Revolution in Africa, the Ministry of Food and Agriculture, and the Ministry of Trade and Industry, to advance the soya sector’s development.