Ghana: 'Soya Has Potential to Generate More Revenue'

12 September 2023

The Soya Value Chain Association of Ghana says soya has the potential to generate more revenue than cocoa if it is given the needed attention as a cash crop.

It is, therefore, advocating a national strategic road map aimed at developing an effective action plan to address the challenges of the soya sector.

"If the country looks at soya as a cash crop, it could generate income up to the level of cocoa or even more, saying this is a very great potential revenue earner for the country."

These statement were made by Mr Thomas W. Bello, Chairman of the Association, on the sideline of a consultative dialogue in Accra on Friday.

Held on the theme: "A national soya strategy plan for Ghana's economy: Influencing policy for a soya -business agenda" it was organised by the Association in collaboration with GIZ under the Sustainable Employment Agribusiness Programme (AgriBiz).

Mr Bello said that the lack of proper coordination among industry actors such as development partners, government agencies, and the private sector within the soy value chain was leading to a limited impact on the overall sector by emphasising the significance of fostering collaboration with government agencies, development partners, farmers and similar stakeholders to enhance profitability and make a positive contribution to the overall economic growth in Ghana and guarantee food security.

Mr Bello again urged policymakers to capitalise on this significant opportunity to generate substantial revenue and reap the numerous benefits of the growing global demand for soy.

He also urged both the government and farmers to recognise the immense potential of cultivating soybeans to diversify Ghana's economy and increase export earnings.

Mr Bello highlighted the importance of a comprehensive national strategy plan to establish a clear roadmap for the long-term growth of the country's soy industry.

He said the association had hosted a consultative meeting last year which revolved around the theme "Laying the foundations for sustainability after 2024" to streamline the soya sub-sector, saying the objective was to gather input and insights regarding the proposed ban on the exportation of soya from Ghana.

He also stated that a position paper was formulated during a soybean roundtable in 2022 that urged the government to establish a national strategy plan and reassess the composition of the export control committee, among other recommendations.

It subsequently petitioned parliament, urging a review of the legislation that governs the selection process for members of the export control committee.

He said the move aimed at contributing to the economic growth of Ghana.

However, Mr Dominic Ayine, Member of Parliament for Bolgatanga Central and Chairman of the Subsidiary Legislation Committee of Parliament, advised that the process should begin from the Ministry of Trade and Industry, which is holding jurisdiction over it.

The consultative meeting called for establishment of a formal collaboration with stakeholder organisations like the Alliance for the Green Revolution in Africa, the Ministry of Food and Agriculture, and the Ministry of Trade and Industry.

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