The Chamber of Cannabis Industry is urging the Ghanaian government to fast-track the growth of the cannabis sector as a crucial alternative to the declining cocoa industry. They emphasize the economic transformation, job creation potential, and advantages of cannabis over cocoa, particularly in the face of recent drops in cocoa export earnings. The Chamber highlights Ghana’s climate suitability for cannabis cultivation and the global market prospects that could significantly benefit the economy.
The Chamber of Cannabis Industry has urged the Ghanaian government to accelerate the development of the cannabis sector to generate employment opportunities and positively impact the economy. They refer to cannabis as the “golden ticket” for economic transformation, emphasizing its potential as an alternative to the declining cocoa industry, which is critical for foreign exchange earnings.
Cannabis, also known as marijuana, is recognized for its medicinal properties, treating numerous health conditions, including cancer and chronic pain. In a policy paper from Dr. Mark Darko, CEO of the Chamber, the government is implored to expedite regulatory frameworks to foster investment in cannabis research and development.
Ghana, ranked as the world’s second-largest cocoa producer, has witnessed a significant downturn in cocoa export earnings, which dropped to $1.7 billion, marking the lowest figure in 15 years. The decline can be attributed to a reduction in cocoa production by more than 11%, leading to a 25.4 percent decrease in export earnings from the previous year.
The Chamber highlights the advantages of cannabis over cocoa, stating that cannabis cultivation enables full industrialization within Ghana. Establishing processing facilities for cannabis could lead to the creation of valuable by-products, thereby enhancing Ghana’s Gross Domestic Product, alongside sustainable job creation across sectors.
“Unlike cocoa, which suffers from price fluctuations dictated by foreign buyers, cannabis offers premium pricing and diverse product streams for both local and international markets,” they assert. Furthermore, the global cannabis industry is anticipated to exceed $100 billion within the next decade, providing a significant economic opportunity for Ghana.
The climate in Ghana is highly conducive to cannabis cultivation, with the potential to earn approximately $1 billion from the booming medicinal cannabis market, projected to be valued at $50 billion. The Chamber asserts that the cannabis industry could create jobs across various domains such as farming, pharmaceuticals, construction, textiles, cosmetics, and biofuel production.
The transformation toward a cannabis-driven economy presents a unique opportunity for Ghana to reduce its dependence on cocoa. This shift not only encompasses environmental advantages and greater economic value but also significant job creation potential.
In summary, the Chamber of Cannabis Industry advocates for the rapid development of Ghana’s cannabis sector as a pivotal alternative to its struggling cocoa industry. Through proper regulations and investments, cannabis could bolster job creation and economic growth while positioning Ghana as a key player in the global market, highlighting its multifaceted applications and superior economic benefits.
Original Source: www.ghanaweb.com
