Ghana’s administrators have identified an unusual but potentially profitable addition to its economic sector: the selling of cannabis.
- Ghana is considering the sale of cannabis to boost its economy
- The Chamber of Cannabis Industry CEO, Mark Darko, believes that Ghana could potentially generate up to $1 billion in revenue from cannabis
- The country has adopted the Narcotics Control Commission Bill, 2023, which authorizes the growing of cannabis for industrial uses
According to the Chamber of Cannabis Industry CEO Mark Darko, the sale of cannabis, a products expected to make a around $21.04 billion in 2025, globally, according to independent research firm Statista, could potentially generate up to $1 billion in revenue for the West African country.
Mark Darko relayed that this can be achived only with the intervention of the government, at the the opening of the Chamber of Cannabis Training Center in Accra, which will train farmers how to cultivate and process cannabis.
“One can make not less than $10,000 from just one hectare of cannabis. This is a $50 billion industry. If Ghana is able to make at least $1 billion annually from cannabis. Cannabis will reset Ghana’s economy,” local media quoted Darko as saying.
Following the adoption of the Narcotics Control Commission Bill, 2023, which authorizes the growing of cannabis for industrial uses, the CEO stated that Ghana must utilize its cannabis resource for both therapeutic and industrial purposes.
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“One can make not less than $10,000 from just one hectare of cannabis. This is a $50bn industry. If Ghana is able to make at least $1 billion annually from cannabis, you can imagine what that can do for our country. Cannabis will reset Ghana’s economy,” he said.
“The United States recorded over $11 billion in medicinal cannabis revenue in 2021, and that’s set to more than double by 2025. Europe, projected to be the largest medicinal cannabis market in the world, is expected to reach $45 billion within the next five years,” he added.
According to Darko, the Chamber’s Training Center will provide farmers and processors with the assets and expertise to grow and manage cannabis and hemp in a way that’s sustainable with assistance from Sky Bridge Pharmaceuticals.
He also noted that the center is going to encourage ethical behavior, research and innovation to create goods that serve international markets.
According to Samuel Twumasi, Group CEO of Sky Bridge Group, the company intended to participate in the cannabis industry in order to manufacture unparalleled cannabis-based medications that adhere to the tightest regulations globally.
To encourage investment in the industry, he urged the government to impose taxes and levies for cannabis growing permits as soon as possible.
Source: Asaase Radio
