The Chamber of Cannabis Industry advocates for swift governmental action to develop Ghana’s cannabis sector, describing it as a transformative alternative to the declining cocoa industry. With substantial economic potential and job creation across various sectors, cannabis could significantly bolster Ghana’s economy and provide lucrative export opportunities. Recent legislation supports industrial cannabis cultivation, highlighting the nation’s favorable conditions for growth in this sector.
The Chamber of Cannabis Industry has made a significant appeal to the Ghanaian Government to expedite the development of the cannabis sector, emphasizing its potential to stimulate job creation and bolster the economy. They have termed cannabis the “golden ticket” for transforming the country’s struggling economic landscape, particularly as a viable alternative to the declining cocoa industry that once fueled Ghana’s growth.
Cannabis, known widely as marijuana, is derived from the Cannabis species and is utilized for treating various medical conditions, including cancer, chronic pain, and mental health disorders. The Chamber’s CEO, Dr. Mark Darko, has emphasized the necessity for improved regulations and licensing frameworks to attract investments and advance cannabis-related research and innovations in the country.
Ghana stands as the world’s second-largest cocoa producer; however, the nation recently faced a significant decline in cocoa export earnings, projected to fall to $1.7 billion for 2024—the lowest level in 15 years. This downturn is primarily attributed to a more than 11 percent reduction in production, coupled with a 25.4 percent year-on-year drop in export revenues, according to recent data from the Bank of Ghana.
The Chamber highlights a critical distinction between cannabis and cocoa, stating that while cocoa involves exporting raw beans and importing high-cost processed products, cannabis production can facilitate comprehensive industrial capabilities within Ghana. Establishing processing facilities for cannabis would not only add significant value but also enhance the nation’s Gross Domestic Product.
The Chamber also pointed out that unlike cocoa, which is subject to volatile price changes imposed by foreign buyers, cannabis presents opportunities for premium pricing and varied product offerings for domestic and international markets. With forecasts estimating that the global cannabis industry will exceed $100 billion within a decade, Ghana could tap into this lucrative market.
Ghana is notably blessed with an ideal climate for cannabis cultivation, which could generate potential revenues close to a billion dollars, representing a fraction of the burgeoning $50 billion global medicinal cannabis market. Furthermore, the Chamber envisages that the cannabis sector could create diverse job opportunities across various fields such as agriculture, pharmaceuticals, construction, textiles, cosmetics, and biofuels.
They assert that Ghana is aptly positioned to transition from a cocoa-focused economy to one powered by cannabis, providing a range of social, environmental, and economic benefits. According to the Chamber, cannabis could represent more than just an alternative to cocoa; it embodies the opportunity for Ghana’s economic revival and transformation.
Market research from Allied Market Research estimates that the global cannabis market was valued at $25.7 billion in 2021 and is predicted to reach $148.9 billion by 2031. In recognition of its potential, Ghana enacted the Narcotics Control Commission Bill in 2023, permitting cultivation for industrial purposes, which could further invigorate this emerging sector.
The Chamber of Cannabis Industry urges the Ghanaian Government to prioritize the development of the cannabis sector as a strategic response to the economic challenges facing the country. With strong potential for job creation, sustainable industrial growth, and significant export opportunities, cannabis offers a transformative pathway for Ghana beyond its traditional reliance on cocoa. This burgeoning industry promises to enhance economic stability and overall prosperity for the nation.
Original Source: www.ghanaweb.com
