Cashew in 2013 generated $170m

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Cashew
Cashew
Cashew
Cashew

Cashew in 2013 generated about $170 million in the form of foreign exchange earnings into the economy, making it the second-largest contributor to the non-traditional export crops, Winfred Osei Owusu, Acting President of the Ghana Cashew Industry Association (GCIA), has said.

Cashew is a significant revenue contributor that also brings rapid rural transformation and development.

In the Brong Ahafo Region alone, there are twelve major and small-scale cashew processing factories, he said.

Speaking at the 1st Ghana Cashew Season launch held at Wenchi in the Brpng Ahafo Region, Mr. Osei-Owusu called on government to ensure development of the sector to a sustainable height by making cashew a more wealth-creation and food security commodity.

?It has massively helped the economies of Brazil, India and Vietnam. In Vietnam, for instance, the commodity generates about US$1.6 billion and Ghana can also replicate this success story.

?For the nation to reap the maximum benefits of cashew, then we must accelerate its production. We can only consolidate the work and effort that has been done in the past by increasing our production from the current 50,000 metric tonnes to 200,000 metric tonnes per year.

?Processors in the country are getting nervous, because the total installed capacity hovering around 62,00 0 metric tonnes outweighs local production,? he stated.

Processors have to compete with exporters for the insufficient 50,000 metric tonnes local production.

The processors and exporters used to easily get supplements from La Cote d’Ivoire through the land borders, particularly at Sampa, but the Ivorian authorities have banned importation of the commodity via that medium – causing hard times for the industry.

Mr Osei-Owusu lamented the situation is a threat to the industry as it has the tendency to compel processors to move their investments to Cote d’Ivoire where there is available raw material.

?We now want proactive measure to change the face of the cashew industry. GCIA through activism petitioned the Trade Ministry on the Ivorian ban; but government must follow up through? the bilateral level and see how the two countries can reach a consensus coupled with massive local production increase”.

Source: BFT

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