Dr. Owusu Afriyie Akoto, a New Patriotic Party (NPP) flagbearer hopeful, has stated that he personally contacted the World Bank to seek a $200 million financial injection into the Tree Crop Development Authority (TCDA).
Due to the sluggish distribution of the government’s first $15 million seed money throughout the first three years of the TCDA’s inception, Dr. Akoto took the initiative after realizing the revenue potential and the favorable influence it could have on Ghana’s economy.
The Tree Crop Diversification Project (TCDP) has been the stated focus of the TCDA’s regulation and development efforts since it was established in 2019 by Parliament’s Act 1010.
However, the Authority’s operations were significantly impeded by the fact that just $3 million had been distributed in the first three years.
Dr. Akoto expressed his satisfaction that the World Bank had decided to provide $200 million to the TCDA just before the conclusion of his mandate.
On June 23, 2023, in Washington, DC, the International Development Association of the World Bank announced this financial arrangement for Ghana’s Tree Crop Diversification Project. Also, the money will help the government industrialize agriculture and modernize it, while increasing production and resilience.
12,800 cocoa growers and the households of 39,975 cashew, coconut, and rubber farmers are expected to directly benefit from the financing.
Creation Of Jobs
By recruiting private investments, it also hopes to generate 20,000 new employment in downstream value addition.
Additionally, it is anticipated that women will make up about 40% of the beneficiaries participating in on-farm activities.
The TCDP, which is supervised by the TCDA, will give priority to the growth of six tree crops: cashew, rubber, shea, oil palm, mango, and coconut, with the government paying particular attention to cocoa.
Within six to seven years of implementation, it is predicted that the growing of these crops together will bring in between $6 billion and $12 billion in annual revenue for Ghana.
To increase productivity, profitability, and climate resilience in the cocoa, cashew, coconut, and rubber value chains, the funding for the Tree Crop Diversification Project will promote demand-driven research, boost on-farm production, and strengthen resilience.
Dr. Akoto praised the International Development Association for supporting the Tree Crop Diversification Project financially and expressed his opinion that the $200 million investment will speed up the TCDA’s operations.
Moreover, he stressed the significance of this move in resolving Ghana’s economic problems, since agricultural transformation, particularly in the domain of tree crops, was critical.
Dr. Akoto used the Ivory Coast as a point of comparison, noting that the export of five cash crops—cashew, cocoa, coffee, rubber, and oil palm—brought in almost $8 billion annually to the country’s economy. He highlighted Ghana’s advantages due to its huge agricultural area, numerous water bodies, and a hospitable climate.
Dr. Akoto was confident in the talents of the TCDA’s Board and Management and thought that, given enough funding, they would successfully pursue the Authority’s goals and make a significant contribution to Ghana’s economic transition.
Dr. Akoto additionally intended for this development to be his main contribution to the growth and economy of Ghana, if he were elected as the NPP flagbearer and then President on December 7, 2024.
He also complimented the dedication of Ghanaian farmers and commended Dr. Bryan Acheampong, the country’s current food and agriculture Minister, for continuing the successful Planting for Food and Jobs (PFJ) initiative’s second phase.
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