GHANA – Ghana has identified soybean as a promising cash crop with the potential to revitalize and stimulate the economy of the country, pointing to becoming a leading source of revenue like or even surpassing cocoa.
This was revealed by the Soya Value Chain Association of Ghana during a consultative meeting held in Accra.
Convened at the Council for Scientific and Industrial Research head office, the meeting was held as part of the association’s efforts to intensify its advocacy for the development of a national strategy plan designed to promote the expansion and advancement of Ghana’s soybean industry.
It was organized in collaboration with GIZ under the Sustainable Employment Agribusiness Programme (AgriBiz) on the theme: “A National Soya Strategy Plan for Ghana’s Economy: Influencing Policy for a Soya-Business Agenda.”
Speaking to Ghana News Agency (GNA) on the sidelines, Mr. Yaw Afrifa, Executive Secretary of the association said that the meeting was to jointly identify key areas for improvement and then come out with an inclusive national strategy to address the challenges of the soya sector.
He said the move aimed to soya productivity, enhance profitability, generate substantial revenue, make a positive contribution to the overall economic growth of Ghana, and guarantee food security
“If the country looks at soya as a cash crop, it could generate income up to the level of cocoa or even more,” he said.
He urged policymakers to capitalize on this significant opportunity to generate substantial revenue and reap the numerous benefits of the growing global demand for soy.
the meeting emphasized the significance of fostering collaboration with government agencies, development partners, farmers, and similar stakeholders to bolster soya production.
Mr. Thomas W. Bello, Chairman, the Soya Value Chain Association of Ghana, highlighted the importance of a comprehensive national strategy plan to establish a clear roadmap for the long-term growth of the country’s soy industry.
Mr. Bello said the objective was to gather input and insights regarding the proposed ban on the exportation of soya from Ghana.
He said a position paper was formulated during a soybean roundtable in 2022 that urged the government to establish a national strategy plan and reassess the composition of the export control committee, among other recommendations.
However, Mr. Dominic Ayine, Member of Parliament for Bolgatanga Central and chairman of the subsidiary legislation committee of parliament, advised that the process should begin from the Ministry of Trade and Industry, which is holding jurisdiction over it.
In conclusion, the consultative meeting called for the establishment of a formal collaboration with stakeholder organizations like the Alliance for the Green Revolution in Africa, the Ministry of Food and Agriculture, and the Ministry of Trade and Industry.