World Bank to invest US $300m in Ghana’s Cocoa industry
The World Bank is looking to invest US $300m in Ghana’s cocoa industry. This is for purposes of increasing cocoa production over the next five years. The investment which will support the Cocoa Sector Value Chain Project, is meant increase productivity levels of cocoa farmers as well as promote value addition.
Dr. Amos Gyau, a Senior World Bank Agricultural Economist, explained that the government had approached the World Bank to support the country to increase her cocoa production and thus the World Bank and government as well as Cocoa Board was discussing the modalities of the project.
Dr. Gyau added that the objective of the project is to help farmers increase their production levels from the current 300 kilos per hectare to two tonnes per hectare over the period. This, he said, would be done through the provision of better seedlings and inputs to farmers, hand pollination and educating farmers on best agronomic practices.
Dr Gyau also intimated that the annual value of the world cocoa trade amounted to about US $9Bn. Furthermore, only 7% got to the cocoa producing countries because the cocoa produce was exported in its raw state to the world market. He also disclosed that the World Bank would soon implement the strengthening of agriculture education in the country to link agriculture to industry.