A strategy and implementation plan for the next five years worth $100 million has been released by the Tree Crops Development Authority.
The government will provide a $5 million seed money each year, according to Dr. Owusu Afriyie Akoto, Minister of Food and Agriculture, who spoke at the opening. He claims that doing so will help the authority reach its objective of being one of the top three nations in the world that manages the tree crops business.
With the aim of institutionalising a highly developed, diversified, value-added, internationally competitive, and sustainable tree crop sector in Ghana, the authority is tasked to regulate and develop tree crop production, processing, and trade. Act 1010 prioritises certain tree crops, including cashew, coconut, mango, oil-pam, rubber, and shea.
By 2030, Ghana might earn roughly $16 billion in foreign money thanks to these six tree crops. Cabinet authorised a $5 million yearly seed fund for the Tree Crops Development Authority for five years after the Authority was established, he added.
William Quaittoo, chief executive of the Tree Crops Development Authority, reaffirmed his organization's commitment to making sure that by 2032, each of the tree crops will yield $2 billion apiece.
"We anticipate that each of the tree crops will provide roughly $2 billion in revenue in ten years, similar to cocoa. I thus anticipate that we will be able to recover $1 billion every crop, if we say in five years. Therefore, $6 billion over the course of five years. Up to a certain point, the Authority has control over the whole value chain. It has to do with agronomic procedures and the preparation of the soil, among other things.
"Ghana's average oil palm extraction rate is roughly 12 percent, which is half of what Malaysia does, whereas Malaysia extracts 22% of its oil palm. We have completed all of our study and are aware of all the difficulties. We are certain that we have discovered a solution to such problems, he said.
The Tree Crops Development Authority has partnerships with both the Swiss Embassy and the International Finance Corporation. Both of the authority's development partners vowed to keep supporting the nation.
According to Anne Schick, who is now the Swiss Embassy's acting head of cooperation, "Our goal is always to strengthen skills so that the authorities can complete the task on their own. Together, we are fully dedicated to completing this training. Since 2017, we have served on the board, and we are dedicated to moving forward on this adventure as a team.
"The relationship I see today actually started with the government's call for investment in climate in 2015," said Kyle Kelhofer, senior regional manager at the International Finance Corporation. "However, since 2018 to 2019, there has been an increased focus on the tree crops industry. From two tree crops at first to six tree crops now.
The thesis is very straightforward: Ghana has comparative advantages in land, water, agriculture, history, and agricultural potential. What can Ghana do to further develop the income system to further enhance the opportunity for higher value and new tree crops for better jobs, better private sector business, and better development in Ghana?
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