The Chamber of Cannabis Industry in Ghana has urged the government to expedite the development of the cannabis industry, citing its potential to generate jobs and serve as an alternative to the declining cocoa sector. They emphasize cannabis as a means to enhance foreign exchange earnings and spur economic growth, while recent statistics show a significant decline in cocoa export revenues.
The Chamber of Cannabis Industry urged the Government of Ghana to accelerate the development of the national cannabis industry, highlighting its potential to create jobs and support economic growth. They refer to cannabis as the “golden ticket” for Ghana’s economic transformation, suggesting it could effectively replace the declining cocoa industry in generating foreign exchange.
Cannabis, also known as marijuana, is a herbal remedy derived from the Cannabis plant, utilized for treating various ailments such as cancer, chronic pain, and mental health disorders. In a policy paper presented by Dr. Mark Darko, the Chief Executive Officer of the Chamber, there is a call for prompt implementation of regulations and licensing to entice investments in cannabis-related research and development.
Ghana, ranked as the world’s second-largest cocoa producer, experienced a drop in cocoa export earnings to $1.7 billion in 2024, marking the lowest level in 15 years. The Bank of Ghana’s recent data reveals a 25.4 percent decline in cocoa earnings, attributed to an 11 percent decrease in production during the same timeframe.
The Chamber argues that unlike the cocoa sector, which relies on selling raw beans and purchasing expensive processed chocolate, cannabis cultivation can facilitate comprehensive industrial development in Ghana. Establishing cannabis processing facilities is expected to enhance the economy by creating value-added products and increasing GDP.
“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,” the Chamber stated. Furthermore, the global cannabis industry is projected to exceed $100 billion in the next decade, presenting a lucrative export opportunity for Ghana.
Ghana’s favorable climate for cultivating cannabis could yield up to one billion dollars from the burgeoning $50 billion global medicinal cannabis market. The potential for job creation spans multiple sectors, including agriculture, pharmaceuticals, construction, textiles, cosmetics, and biofuel production, reflecting the industry’s broad economic benefits.
The Chamber positions cannabis as a transformative alternative to cocoa, advocating for Ghana to capitalize on this opportunity for robust economic development. They emphasized that cannabis possesses numerous applications, higher economic value, and substantial environmental benefits.
According to Allied Market Research, the global cannabis market was valued at $25.7 billion in 2021, with projections reaching $148.9 billion by 2031. In 2023, Ghana enacted the Narcotics Control Commission Bill, which permits cannabis cultivation for industrial applications.
The Chamber of Cannabis Industry asserts that the cannabis sector could play a pivotal role in revitalizing Ghana’s economy by creating jobs and providing a viable alternative to cocoa. With a significant global market predicted for cannabis products, the Chamber’s call for immediate governmental support in developing this industry underscores its vast economic potential. Cannabis is portrayed not merely as a substitute but as a transformative force for Ghana’s economic landscape.
Original Source: www.ghanaweb.com
