The Chamber of Cannabis Industry in Ghana is urging the government to accelerate the development of the cannabis sector as a means to create jobs and support economic growth. Cannabis is viewed as a significant alternative to the declining cocoa industry, with immense potential for job creation and foreign exchange earnings. With Ghana’s favorable conditions for cannabis cultivation, the sector could transform the economy, particularly as global demand for cannabis products rises.
The Chamber of Cannabis Industry in Ghana has urged the government to accelerate the development of the cannabis sector as a means to create employment opportunities and bolster the economy. Recognizing cannabis as a potential catalyst for economic change, the Chamber posits that it could serve as a viable alternative to the diminishing cocoa industry, contributing significantly to foreign exchange earnings.
Cannabis, known for its medicinal properties, is utilized for the treatment of numerous health issues such as cancer, chronic pain, and various mental disorders. According to a policy paper by Dr. Mark Darko, the CEO of the Chamber, regulations and licensing must be streamlined to draw investors into research and innovation within this burgeoning industry.
As the second-largest cocoa producer globally, Ghana has witnessed a considerable decline in cocoa export revenues, with figures dropping to $1.7 billion in 2024—the lowest in over a decade. The Bank of Ghana has reported a 25.4% decrease in earnings attributed to a significant reduction in production, prompting the Chamber to advocate for cannabis as a path to economic revitalization.
Unlike cocoa, which is subject to volatile market prices, the cannabis market can offer stable and premium pricing. The Chamber emphasizes that establishing cannabis processing facilities will enable value-added product development, thereby enhancing the nation’s Gross Domestic Product. With the global cannabis market projected to exceed $100 billion in the near future, Ghana is positioned to benefit immensely.
Ghana’s favorable climate for cannabis cultivation is identified as a key asset, with estimates suggesting that the country could generate approximately $1 billion from the expanding global medicinal cannabis sector. The Chamber highlights the diverse employment potential of the cannabis industry, spanning agriculture, pharmaceuticals, construction, textiles, cosmetics, and biofuels.
The message is clear: Ghana possesses a unique opportunity to move from a cocoa-dependent economy to one powered by cannabis, promising environmental benefits, job creation, and economic growth. Cannabis is more than a mere substitute for cocoa; it embodies a transformative opportunity for the nation. According to Allied Market Research, the global cannabis market, valued at $25.7 billion in 2021, is projected to surge to $148.9 billion by 2031. The 2023 passing of the Narcotics Control Commission Bill, which permits industrial cannabis cultivation, further solidifies this potential.
The Chamber of Cannabis Industry advocates for the rapid development of Ghana’s cannabis sector to offset economic decline resulting from falling cocoa exports. Recognizing cannabis as both a lucrative market and a catalyst for job creation across various industries presents Ghana with a strategic opportunity to diversify its economy. By fostering an environment conducive to cannabis innovation, the nation can transition into a cannabis-driven industrial market, thus enhancing its economic resilience and growth prospects.
Original Source: www.ghanaweb.com
