The Chamber of Cannabis Industry has called on the government to fast-track regulations and licensing frameworks to unlock the full potential of Ghana’s cannabis market.
In a policy paper authored by its Chief Executive Officer, Dr. Mark Darko, the Chamber highlighted the immense economic benefits of a well-regulated cannabis industry, urging policymakers to act swiftly to attract investors and boost research and development efforts.
The Chamber believes that cannabis could serve as a viable alternative to Ghana’s declining cocoa industry, offering substantial foreign exchange earnings and a more resilient market. Unlike cocoa, where Ghana primarily exports raw beans and imports processed chocolate, the Chamber argues that cannabis allows for full-scale industrialization within the country, adding significant value to the economy.
“Cannabis offers good pricing and multiple product streams for both local and international markets, unlike cocoa, which is vulnerable to price fluctuations set by foreign buyers,” the Chamber stated.
Ghana’s favorable climate for cannabis cultivation positions it for lucrative export opportunities, with projections that the global cannabis industry could exceed $100 billion in the next decade. The Chamber estimates that Ghana could generate up to $1 billion from the $50 billion global medicinal cannabis market.
Beyond exports, the industry has the potential to create jobs across multiple sectors, including farming, pharmaceuticals, construction, textiles, cosmetics, and biofuel production. The Chamber emphasized that establishing a cannabis processing plant in Ghana would ensure greater value addition and maximize revenue generation.
“Ghana has a unique opportunity to shift from a cocoa-dependent economy to a cannabis-powered industrial nation,” the Chamber stated, urging the government to take immediate action to realize this potential.
