Ghana’s cannabis industry is raising concerns over the government’s decision to price licensing fees in U.S. dollars, arguing that the policy contradicts central bank directives promoting the use of the local currency and risks undermining investment in the emerging sector.
Dr. Mark Darko, an CEO of Ghana’s Cannabis Chamber and a leading advocate for industrial hemp development, said the dollar-denominated structure is creating additional barriers for local entrepreneurs while increasing pressure on businesses already navigating high entry costs.
“All the prices are rated in U.S. dollars,” Darko said in an interview with The High Street Journal. “In March, 2025, a directive from the central bank warned that businesses should operate in the local currency, yet the fees for the cannabis industry have been priced in dollars.
The criticism adds to broader industry concerns that Ghana’s regulatory framework for industrial hemp is becoming commercially uncompetitive compared with other jurisdictions seeking cannabis-related investment.
Industry operators argue that pricing licenses in dollars exposes local businesses to exchange-rate volatility and increases startup costs in a country where most entrepreneurs raise capital in cedis. Ghana’s currency has experienced repeated periods of depreciation in recent years, amplifying the cost burden for businesses with dollar-linked obligations.
Darko said the policy weakens participation by local firms and could deter investment into what policymakers initially promoted as a high-potential export industry capable of generating jobs, foreign exchange earnings, and manufacturing opportunities.
The industry has also criticized the role of the Narcotics Control Commission, or NACOC, which currently oversees cannabis regulation in Ghana.
According to Darko, the regulator’s law-enforcement orientation may be limiting the commercial development of the sector.
“They don’t seem to have any motivation to get these things done commercially,” he said. “They are more interested in arresting people for possessing cannabis.”
The remarks adds to a growing divide between cannabis industry advocates seeking an agriculture- and investment-driven framework and regulators focused primarily on narcotics enforcement and public safety.
Ghana legalized industrial hemp cultivation with low tetrahydrocannabinol, or THC, content as part of efforts to diversify exports and create new industrial opportunities. But the progress according to industry executives, has been slow due to high licensing costs, compliance burdens, and uncertainty around approvals.
No major commercial licenses have yet been publicly confirmed since the framework was introduced, according to industry stakeholders.
The debate also highlights wider tensions within Ghana’s economy over dollarization, where businesses in sectors ranging from real estate to education have increasingly relied on U.S. dollar pricing despite repeated warnings from the Bank of Ghana against the practice.
The chamber is calling for the fees to align with the cedi and restructuring regulation around commercial development rather than criminal enforcement, with this expected to improve investor confidence and accelerate growth in the sector.
Without those changes, the chamber warn Ghana risks losing investment to competing African markets with lower costs and more business-oriented regulatory systems.
