Soybeans have emerged as a promising cash crop with the potential to rejuvenate and invigorate Ghana’s economy, possibly even surpassing cocoa as a leading source of revenue.
This revelation came to light during a consultative meeting held in Accra by the Soya Value Chain Association of Ghana. The association underscored the progressive growth of soya as a lucrative cash crop within the agricultural sector.
The meeting, convened at the Council for Scientific and Industrial Research’s headquarters, emphasized the importance of collaborating with government agencies, development partners, farmers, and other stakeholders. This initiative aimed to develop a national strategy plan to promote the expansion and advancement of Ghana’s soybean industry.
In partnership with GIZ under the Sustainable Employment Agribusiness Programme (AgriBiz), the event centered around the theme: “A National Soya Strategy Plan for Ghana’s Economy: Influencing Policy for a Soya-Business Agenda.”
Mr. Yaw Afrifa, Executive Secretary of the association, explained that the purpose of the meeting was to collectively identify key areas for improvement and formulate an inclusive national strategy to address the challenges faced by the soya sector.
This strategic approach aims to boost soya productivity, increase profitability, generate substantial revenue, contribute positively to Ghana’s overall economic growth, and ensure food security.
“If the country looks at soya as a cash crop, it could generate income up to the level of cocoa or even more,” he said. “And so, this is a very great potential revenue earner for the country,” he said.
“We’re here to look at a national strategy plan for soya; this is because everybody is trying to do something here, something there, and we are not getting the impact.”
“If Ghana considered soya a lucrative agricultural product, he said, it had the potential to generate income comparable to, or even surpassing, that of cocoa.”
He urged policymakers to seize this significant opportunity to generate substantial revenue and harness the numerous benefits presented by the growing global demand for soy.
Furthermore, he called upon both the government and farmers to recognize the immense potential of cultivating soybeans as a means to diversify Ghana’s economy and boost export earnings.
Mr. Thomas W. Bello, Chairman of the Soya Value Chain Association of Ghana, emphasized the crucial need for a comprehensive national strategy plan to chart a clear course for the long-term growth of Ghana’s soy industry.
He noted that the association had organized a consultative meeting last year with the theme “Laying the Foundations for Sustainability After 2024” to streamline the soya sub-sector.
Mr. Bello explained that the primary objective was to gather input and insights regarding the proposed ban on soybean exports from Ghana. A position paper was developed during a soybean roundtable in 2022, which called upon the government to establish a national strategy plan and reconsider the composition of the export control committee, among other recommendations.
Subsequently, the association petitioned parliament, urging a review of the legislation governing the selection process for members of the export control committee.
However, Dominic Ayine, Member of Parliament for Bolgatanga Central and chairman of the subsidiary legislation committee of parliament, advised that the process should commence with the Ministry of Trade and Industry, which holds jurisdiction over this matter.
The consultative meeting underscored the importance of establishing formal collaborations 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.