Dr. Owusu Afriyie Akoto has personally contacted the World Bank to secure a $200 million funding injection for the Tree Crop Development Authority (TCDA), a potential candidate for the New Patriotic Party (NPP) flagbearer position.
Due to the slow distribution of the government’s initial $15 million seed money over the first three years of the TCDA’s establishment, Dr. Akoto took the initiative after realizing the revenue potential and the favorable impact it could have on Ghana’s economy.
The Tree Crop Diversification Project (TCDP) has been the explicit focus of the TCDA’s regulation and development efforts since it was established in 2019 by Parliament’s Act 1010.
However, the Authority’s operations were severely hampered by the fact that only $3 million had been distributed in the first three years.
Dr. Akoto expressed his relief that the World Bank had consented to support the TCDA with a $200 million investment in an interview at his campaign office on July 9, 2023, just before his term is up.
On June 23, 2023, in Washington, DC, the International Development Association of the World Bank announced this financing facility for Ghana’s Tree Crop Diversification Project.
The money will help the government industrialize agriculture and modernize it while also increasing productivity and resilience.
12,800 cocoa farmers and the households of 39,975 cashew, coconut, and rubber farmers are expected to directly benefit from the financing.
By attracting private capital, it also hopes to generate 20,000 new jobs in downstream value addition.
Additionally, it is anticipated that women will make up nearly 40% of the beneficiaries participating in on-farm activities.
The TCDP, which is supervised by the TCDA, will give priority to the development of six tree crops: cashew, rubber, shea, oil palm, mango, and coconut. The government will also pay particular attention to cocoa.
Within six to seven years of implementation, it is predicted that the growth of these crops together will bring in between $6 billion and $12 billion in annual revenue for Ghana.
With the help of the funding for the Tree Crop Diversification Project, the cocoa, cashew, coconut, and and rubber value chains can increase productivity, profitability, and climate resilience.
Dr. Akoto thanked the International Development Association for supporting the Tree Crop Diversification Project financially and expressed his opinion that the $200 million investment would speed up the TCDA’s operations.
He emphasized the significance of this action in addressing Ghana’s economic problems because agricultural transformation, particularly in the sector of tree crops, was crucial.
Dr. Akoto used the Ivory Coast as a point of comparison, noting that the export of five cash crops—cashew, cocoa, coffee, rubber, and oil palm—brought in about $8 billion annually to the country’s economy.
He highlighted Ghana’s advantages due to its sizeable arable land, numerous water bodies, and a hospitable climate.
Dr. Akoto was confident in the abilities of the TCDA’s Board and Management and thought that, given enough funding, they would successfully pursue the Authority’s goals and make a significant contribution to Ghana’s economic transformation.
Dr. Akoto intended for this development to be his main contribution to the growth and economy of Ghana if he were elected as the NPP flagbearer and then President on December 7, 2024.
He praised the dedication of Ghanaian farmers and thanked Dr. Bryan Acheampong, the country’s current food and agriculture minister, for continuing the successful Planting for Food and Jobs (PFJ) initiative’s second phase.
