Cannabis Innovations: A Catalyst for Ghana’s Economic Transformation

The Chamber of Cannabis Industry urges the Ghanaian Government to advance the cannabis sector, viewing it as a crucial alternative to cocoa for economic revitalization. They emphasize cannabis’ potential for job creation, industrialization, and generating substantial revenue in the global market, especially as cocoa export earnings have drastically declined.

The Chamber of Cannabis Industry has called upon the Government of Ghana to accelerate the development of the country’s cannabis sector, emphasizing its potential to create employment opportunities and bolster the economy. They refer to cannabis as the “golden ticket” capable of transforming Ghana’s economic landscape, particularly as a substitute for the declining cocoa industry in terms of generating foreign exchange.
Cannabis, commonly known as marijuana, is a medicinal herb utilized for treating various ailments including cancer, chronic pain, and mental health disorders. A policy paper by Dr. Mark Darko, the Chamber’s CEO, emphasizes the necessity for the Government to expedite regulatory approval and licensing to draw investors towards research and development in cannabis innovations.
Ghana, ranked as the world’s second-largest cocoa producer, has experienced a significant drop in its 2024 cocoa export earnings, now at $1.7 billion, which is its lowest in 15 years. Recent statistics from the Bank of Ghana showcase a troubling 25.4% decrease compared to the previous year, attributed primarily to an over 11% decline in cocoa production.
The Chamber advocates that, unlike cocoa, cannabis can support full industrialization within Ghana, which could lead to the establishment of processing facilities that would provide value-added products and enhance the nation’s Gross Domestic Product (GDP). They state, “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 believes the global cannabis market, projected to exceed $100 billion in the next decade, presents a lucrative opportunity for Ghana. They assert that Ghana’s favorable climate for cannabis cultivation could potentially yield approximately one billion dollars from the global medicinal cannabis market, estimated to be worth $50 billion.
In terms of employment, the cannabis sector has the potential to generate jobs in various fields, including farming, pharmaceuticals, construction, textiles, cosmetics, and biofuels. The Chamber states, “Ghana has the perfect opportunity to transition from a cocoa-dependent economy to a cannabis-powered industrial nation.”
The Chamber highlights that with its myriad applications, significant economic value, environmental advantages, and job creation capacity, cannabis is not merely a substitute for cocoa, but rather, it represents Ghana’s vital opportunity for economic rejuvenation. Notably, according to Allied Market Research, the global market for cannabis was valued at $25.7 billion in 2021, with expectations to reach $148.9 billion by 2031. In 2023, Ghana enacted the Narcotics Control Commission Bill, allowing the cultivation of cannabis for industrial purposes.

In summary, the Chamber of Cannabis Industry advocates for the urgent development of Ghana’s cannabis sector as a transformative economic force. The potential for job creation, revenue generation, and the establishment of a robust industrial framework highlights the importance of cannabis as a viable alternative to the declining cocoa industry. With regulatory support and investment, cannabis could significantly contribute to Ghana’s economic recovery and growth.

Original Source: www.ghanaweb.com