‘Soya has potential to generate more revenue’

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 statements were made by Mr Thomas W. Bello, chairman of the association, on the sideline of a consultative dialogue in Accra last 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, 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 of Ghana and guarantee food security.

For him if Ghana considered soya a lucrative agricultural prod­uct, it had the potential to generate income comparable to, or even surpassing, that of cocoa.

Mr Bello 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.

He 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 said 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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