The Chamber of Cannabis Industry in Ghana advocates for accelerated cannabis sector development to foster job creation and economic transformation, positioning it as a viable substitute for the failing cocoa industry. The global cannabis market’s growth presents lucrative opportunities for Ghana, which has the potential to cultivate and industrialize cannabis effectively.
The Chamber of Cannabis Industry in Ghana is advocating for faster development of the country’s cannabis sector to boost job creation and economic growth. The Chamber views cannabis as a “golden ticket” for transforming Ghana’s economy and a viable substitute for the declining cocoa trade, which is struggling to generate foreign exchange.
Cannabis, or marijuana, is a herbal remedy derived from the Cannabis species, utilized to alleviate symptoms of various ailments, including cancer and chronic pain. Dr. Mark Darko, CEO of the Chamber, emphasizes the need for governmental regulations and licensing to attract investment into cannabis research and innovations.
In recent years, Ghana’s cocoa export earnings drastically fell to $1.7 billion in 2024, marking a 25.4% decrease compared to the previous year—the lowest figure in 15 years. The decline stems from over 11% reduced production, prompting calls for an industry transition toward cannabis.
The Chamber pointed out that unlike cocoa, where Ghana exports unprocessed beans and imports costly chocolate, cannabis can be industrialized domestically. This would allow for the creation of value-added products, contributing positively to Ghana’s Gross Domestic Product (GDP).
The Chamber elaborates that cannabis avoids the market volatility that cocoa faces, boasting premium pricing and various product channels for local and international markets. The global cannabis industry is projected to exceed $100 billion in the next decade, presenting a significant export opportunity for Ghana.
Ghana’s favorable climate positions it to tap into the burgeoning $50 billion global medicinal cannabis market, potentially generating roughly one billion dollars. The cannabis sector is seen as a catalyst for job creation across farming, pharmaceuticals, construction, textiles, cosmetics, and biofuels.
In essence, the Chamber asserts that Ghana can transition from a cocoa-centered economy to a cannabis-driven industrial powerhouse. With numerous applications and benefits, they argue that cannabis is not merely an alternative but a transformative opportunity for the nation’s economy.
Recent market evaluations indicate the global cannabis industry’s worth was $25.7 billion in 2021, with forecasts estimating it may reach $148.9 billion by 2031. Ghana’s passage of the Narcotics Control Commission Bill in 2023 further opens the door for industrial cannabis cultivation.
The Chamber of Cannabis Industry emphasizes the significant potential of cannabis to reshape Ghana’s economy. With declining cocoa exports, transitioning to cannabis could offer greater stability, job creation, and higher economic value. By expediting regulations and fostering industrialization, Ghana stands to benefit immensely from its favorable climate and the growing global demand for cannabis products.
Original Source: www.ghanaweb.com
