In brief
Ghana is the world's third-largest exporter of unprocessed cashews, but farmers face challenges like high interest rates and a lack of infrastructure.
Ghana is known for its cashew nuts, but only a small fraction are processed locally. With around 300,000 people involved in growing cashews, farmers like Nashiru Seydou express frustration over the low prices they receive for raw nuts. Currently, they earn only about $50 for a large 100kg sack, while roasted cashews fetch up to $40,000 a tonne after being sold to consumers. The gap between raw and roasted prices is astounding, highlighting a major missed opportunity for Ghana to capitalize on this lucrative market.Bright Simons, an economist in Accra, attributes this to the lack of local processing facilities. Mildred Akotia, founder of Akwaaba Fine Foods, processes just 25 tonnes annually, struggling with high interest rates on loans that prevent expansion. This lack of local roasting capacity means that Ghanaian nuts are often exported, processed abroad, and then re-imported at a higher price, creating a bewildering cycle in the local market.Efforts like a previous export ban on raw cashews to bolster local processing failed due to opposition from farmers and traders. Recent discussions around increased tariffs and purchase bans have surfaced, but experts believe that the focus should be on developing local markets and improving access to international markets. Building infrastructure and enhancing the skills of the workforce can also empower Ghanaians to get better returns on their products.Simons suggests that it's time for local entrepreneurs to drive demand for cashews and create a consumer culture around them. Akotia dreams of significantly scaling her operations and meeting international demand, battling the systemic challenges that limit the growth of Ghana's cashew industry and aspiring to enhance the country's reputation in processed foods.
