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Ghana to Invest $60m World Bank Loan in Cashew Sector

Chief Executive of the Tree Crops Development Authority (TCDA), William Agyapong Quaittoo, has disclosed that the government has pledged a $60 million investment in the cashew sector, with a focus on processing.

Quaittoo was speaking at the 6th Consultative International Cashew Council (CICC) conference held at the Kempinski Hotel in Accra last Saturday.

He revealed that out of a $100 million loan approved by the government from the World Bank, $60 million will be allocated to the cashew sector.

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Seventy percent of the $60 million will be allocated to constructing multiple factories in the cashew catchment areas in eight regions.

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“Government has allowed Tree Crops Development Authority to take a World Bank loan of $100 million, out of which $ 60 million will be invested in cashew. Also, 70 per cent of the $60 million will be invested in cashew processing,” he said. “The feasibility study is being done and soon we will see the establishment of various cashew factories in catchment areas such the Bono, Bono-East, Savannah and Oti regions and other places. It spans about eight regions.”

He emphasized that Ghana currently processes only 10 per cent of its produced cashew nuts and aims to raise processing from 10 per cent to 50 per cent within six years.

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He urged Ghanaians to support the initiative and ensure its continuity, regardless of any change in government.

The conference converned the likes of Agriculture, Trade, and Industries ministers from 12 African countries within the CICC, alongside experts and researchers.

Their aim was to discuss and endorse strategies for positioning Africa as a dominant force in the global cashew sector.

The conference centered on the theme: “Projecting the cashew sector through local consumption, value addition, and job creation.”

Member countries including Ghana, Côte d’Ivoire, Benin, Togo, Nigeria, Cameroon, Senegal, Mali, Guinea, Guinea-Bissau, Burkina Faso, and newly accepted member Mozambique, participated in the conference.

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