World Bank Endorses Dr. Akoto’s Presidential Vision of Transformation of Ghana’s Economy through Tree Crop Diversification

The World Bank through its sector agency, International Development Association (IDA), in June 2023, has extended US$200 million financing package for a project in Ghana dubbed “The Tree Crop Diversification Project (TCDP)”. This project which focuses on Rubber, Cashew, Cocoa and Coconut is meant to diversify and grow the economy through the modernization of agriculture for the acceleration of productivity, resilience and industrialisation.

This initiative by the World Bank is a direct endorsement of Dr. Owusu Afriyie Akoto, former Minister for Food and Agriculture’s vision of a liberation of Ghana’s economy and weaning it entirely off her financial dependency on the IMF and other bilateral donors, through prioritization of agriculture with special focus on the Tree Crop Development Authority (TCDA).

The TCDA is an offshoot of one of the modules under the Planting for Food and Jobs (PFJ) Policy; Planting for Export and Rural Development (PERD).

The PFJ has five broad areas; Planting for Food and Jobs (Crops), Rearing for Food and Jobs, Planting for Export and Rural Development (PERD), Greenhouse Technology and Mechanisation.

The TCDA was inaugurated on September 19, 2020 in Kumasi with the vision of leading the charge in using six tree crops; Cashew, Coconut, Rubber, Palm oil, Mango and Shea, to generate a minimum of between US$6 billion and US$12 billion annually for the Country as each of them has the capacity to generate a maximum of US$2 billion for the Country.

It is worthy of note that, Malaysia after crossing the seas to learn about the cultivation of Palm oil from Ghana generates approximately US$2 billion annually from the tree crop. Cote D’Ivoire as well has a total annual export earnings of US$8 billion from five tree crops; Cashew, Cocoa, Coffee, Rubber and Palm oil.

In furtherance, Dr. Owusu Afriyie Akoto, to reiterate his commitment to this vision of Ghana’s total economic liberation, on Monday 13th March, 2023, through a Public Lecture themed “The Future of the Economy of Ghana, held at the University of Professional Studies, Accra (UPSA), disclosed to members of the NPP fraternity, farmers, students and Ghanaians in general, his Presidential vision of a focus on the leverage and harness of the potentials of agriculture to serve as the economic bedrock for financing the rest of the critical sectors of the Country’s economy such as Health, Industry, Education, infrastructure, among others, with emphasis on the Tree crop Diversification.

The TCDA was designed to receive a seed fund of US$15 million in the first three years of its creation. Unfortunately, in its 3rd year of operation, it is still struggling with a receipt of only US$3 million since its establishment.

The injection of the US$200 million by World Bank towards the TCDP, by large the TCDA and COCOBOD, is therefore an affirmation of the trust by the World Bank in, and the viability of Dr. Owusu Afriyie Akoto’s Presidential Vision of a transformation of Ghana’s economy with prioritization of agriculture.

More over, it is Dr. Owusu Afriyie Akoto, in the capacity as the Minister for Food and Agriculture, who approached the World Bank to secure the US$200 million funding injection for the Tree Crop Diversification Project. He did this based on the recognition of the revenue potential and the positive impact it could have on Ghana’s economy.

Hhhmm, May God be praised always
Nana Kwadwo Akwaa