The President of the African Coconut Group (ACG), Davies Korboe, has described the coconut business as a lucrative venture, calling on investors to explore opportunities in Ghana’s coconut industry.
He stressed that beyond the vast potential it holds in terms of returns on investment, it is also a sustainable investment option with export substitution ability to rake in foreign exchange.
Interacting with 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 favorable climate and vast arable land, the coconut industry is poised to become a significant player in the global market. We are 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,” he said.
Mr. Korboe encouraged entrepreneurs to seize the opportunity without delay as coconut can surpass major traditional export commodities while presenting an environmentally-friendly solution to addressing Ghana’s unemployment problem.
The 4th International Coconut Festival Ghana
The 4th edition of the International Coconut Festival Ghana, themed, “Empowering Lives Through Coconut — Innovation, Employment, and Sustainable Livelihoods,” is slated for Monday 21 October 2024 to Wednesday 23 October 2024, and will be held at the Accra International Conference Centre.
The Ghana Export Promotion Authority (GEPA) and the Western Regional Coordinating Council (WRCC) support the ACG to host the event.
In partnership with the Ghana Exim Bank and SOLIDARIDAD, this year’s activities will include a trade exhibition, seminar and mentorship session for young people and women in coconut, economic and technical negotiations, networking for participants, farm visits, and engagements with international participants.
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 added coconut to the Tree Crop Development Authority (TCDA), established in 2019 and mandated to develop and regulate selected crops’ production, processing, marketing, and export.
The Non-Traditional Export (NTE) figures for 2022 indicated the coconut sector’s substantial economic contribution. Notably, earnings from both fresh and processed coconuts reached US$6.3 million and US$6 million, respectively.
