Business News of 2014-04-04

Cotton, Cashew production to receive boost in Ghana

Ghana’s cotton and cashew production could soon be given a boost with an expressed interest by a business delegation from Dubai to invest in the industry.

The six member team which owns the biggest cotton processing factory in Central Asia has promised to set up similar factory in Ghana.

They are currently relocating a cashew processing plant in Guinea Bissau to Ghana.

The decision of the group which owns UZ Impex in Uzbekistan to invest in Ghana is underscored by the availability of ports- Tema and Takoradi seaports.The presence of such facilities can easily facilitate export of products to Central, South and Western Asia as well as Middle East and Europe where such products are on high demands.

The Dubai business team has held talks with the Secretary to the President, Dr Raymond Atuguba and the Minister in charge of Public Sector Development, Rashid Pelpuo where the prospects of such business ventures were highly discussed.

Cashew farmers are unable to boost production due to lack of resources.

According to the Ghana Cashew Industry Association, only 50 thousand tons of the commodity is produced annually, as against the 62,000 tons needed to feed local processors.

A member of the team, Shopulat Sibikov told Nhyira News the team is committed to commercial agriculture development in Ghana.

Describing Ghana as a country with so many investment opportunities, Mr. Shopulat said the team is impressed with investment potentials and is convinced there is more to be realized.

“When we came here, it was very small. Our plan was not too much big and the main project was agriculture," Mr Shopulat said.

District Chief Executive for Sekyere Afram Plains, Donkor Fuseini, through whose initiative the businessmen would be investing in Ghana, is excited at the prospects of their visit.