Enhancing agricultural diversification in Ghana: How cashew and soybean can boost commodities exports

Ghana is famously known for commodities such as cocoa, gold, and shea. These commodities have proven to be important earners for our economy. For example, according to the Bank of Ghana, exports of cocoa beans and products amounted to US$2.29 billion in 2022. Thankfully, other commodities like cashew and soybean have gained ground and hold significant potential to further boost the country’s economy, diversify our export base and improve the livelihoods of local producers. Statistics from the Ghana Export Promotion Authority indicate that earnings from Non-Traditional Exports (NTEs) increased from US$2.84 in 2020 to US$3.33 billion in 2021. Cashew nuts constitute one of the top ten NTEs. This proves that agricultural produce such as cashew and soybean have the potential to generate foreign exchange for Ghana. However, to fully realize this potential, policy amendments and strategic government interventions will have to be put in place. Commodities are generally raw materials; ...