Coconut industry more profitable than galamsey – Africa Coconut Group

The President of the African Coconut Group (ACG), Davies Korboe, has called on business leaders to explore opportunities in Ghana's coconut industry, citing its vast potential as a sustainable investment option and future leading export commodity.

Speaking to journalists ahead of the 2024 edition of the International Coconut Festival Ghana, Mr. Korboe emphasized that investing in coconut production and processing offers numerous benefits, including high returns on investment, job opportunities as well as the diversification of Ghana's export base.

With Ghana's favourable climate and vast arable land, the coconut industry is poised to become a significant player in the global market.

According to him, the industry offers more benefits than illegal mining activities popularly know as galamsey.

Mr. Korboe encouraged entrepreneurs to seize the opportunity, stressing that coconut has the potential to surpass major traditional export commodities while presenting an environmentally-friendly solution to solving Ghana's unemployment problem.

"We're calling on entrepreneurs to join forces with us to harness the nation's coconut sector to boost our economy and secure a brighter future for Ghana."

The 4th edition of the International Coconut Festival Ghana, themed, "Empowering Lives Through Coconut — Innovation, Employment, and Sustainable Livelihoods." will be held at the Accra International Conference Centre from Monday 21 October 2024 to Wednesday 23 October 2024.

The Ghana Export Promotion Authority (GEPA) and the Western Regional Coordinating Council (WRCC) are supporting the ACG to host the event.

The ACG organised the first-ever International Coconut Festival in Ghana in 2019. The event brought together major players within the coconut value chain to promote the business.

The government of Ghana added coconut to the Tree Crop Development Authority (TCDA), which was established in 2019 and mandated to develop and regulate the production, processing, marketing, and export of selected crops.

The non-traditional export figures for 2022 indicated the coconut sector's substantial economic contribution. Notably, earnings from both fresh and processed coconuts reached 6.3 million dollars and 6 million dollars, respectively.