WORLD BANK TO INVEST US$300M INTO GHANA COCOA INDUSTRY
World Bank making plans to invest in Ghana Cocoa industry.
Cocoa is Ghana chief agricultural export and cash crop. This is why the World Bank is investing fund to help shore up production of the crop over the next five years.
The project which is under the Cocoa Sector Value Chain Project will increase productivity levels of cocoa farmers as well as promote value addition. Meanwhile, farmer production level will increase from the current 300 kilogrammes per hectare to two tonnes per hectare over the period.
Speaking during the launch of the sixth Institute of Economic and Financial Journalists (IFEJ) awards dubbed the ‘Flamingo Awards, Senior World Bank Agricultural Economist, Amos Gyau made the announcement.
According to Gyua “The World Bank seeks to support the cocoa sector to double productivity in the next five years.”
IMPORTANCE OF THE INVESTMENT?
The investment will help Ghana as it will be done through the provision of better seedlings and inputs to farmers, hand pollination and educating farmers on best agronomic practices. The World Bank also plans to implement the strengthening of agriculture education in the country to link agriculture to industry.
Meanwhile, this year award theme was ”Towards agribusiness and sustainable development goals”