Government to pump $60 million into cashew sector

Chief Executive of Tree Crops Development Authority (TCDA), William Agyapong Quaittoo, has noted that the cashew industry will witness a boost after the Tree Crops Development Authority receives a loan from the World Bank.

He indicated that out of the $100 million loan yet to be acquired, a sum of $60 million will be invested in the cashew sector to revamp it.

Speaking at the 6th Consultative International Cashew Council in Accra, Mr Quaittoo bemoaned the low production of cashew nuts in the country.

He said it was about time farmers increased cashew processing from 10 per cent to 50 per cent.

To achieve this, the Chief Executive of Tree Crops Development Authority said cashew factories will be established in catchment areas such as Bono, Bono-East, Savannah and Oti regions.

"Government has allowed Tree Crops Development Authority to take a World Bank loan of $100 million, out of which $60 million will be invested in cashew. Also, 70 per cent of the $60 million will be invested in cashew processing," William Agyapong Quaittoo stated.

He added that, “The feasibility study is being done and soon we will see the establishment of various cashew factories in catchment areas such the Bono, Bono-East, Savannah and Oti regions and other places. It spans about eight regions."

Mr Quaittoo said measures were being taken by the Tree Crops Development Authority to ensure Ghana's cashew regained its status as the best on the market.

SA/NOQ