With a significant number of the population’s livelihood hinged on Agriculture, the sector is arguably one of Ghana’s predominant preserve for wealth creation comprising of crop and livestock farming, fishing and forestry.
Factors such as a vast arable land, suitable climatic conditions and abundant water resources make Ghana ideal for commercial farming of all kinds of crops varying from grains, vegetables and tropical fruits.
As at 2019, data from the World Bank put the value of Ghana’s Agriculture sector at US$11.5 billion contributing 17.5 percent of the nation’s GDP in the same year.
Despite the sector’s contribution having halved over the years due to growth in other sectors such as services and industry, major inroads have been made with recent government initiatives such as the flagship planting for food and jobs program which has seen Ghana revert to being a net exporter of food to neighboring countries.
Cocoa continues to be the green gold of the land drawing in billions in terms of revenue and poised to draw in more profits following a recent agreement between Ghana and Cote d’Ivoire to establish a new floor price of US$2,600 per tonne of cocoa. Other non-traditional tree crops such as Cashew and Shea nut also generate millions in revenue. According to the Ghana Export Promotion Center (GEPA), the two crops generated revenues of US$378million and US$90 million respectively in 2018.
In 2020 investors can expect a rebound of the Agriculture sector with a projected 6.9 percent growth by the finance ministry. The growth will be buoyed by deliberate government initiative and incentives in the various facets of the Agriculture value chain. The initiatives include programs such as the planting for food and jobs, agric mechanization, green house projects, zero percent tax on importation of agric inputs and government interest in food processing which has seen the establishment of the Ekumfi pineapple factory with several others underway under the One-District-One-Factory initiative.