Ghana cannabis growers await parliamentary approval for $56 million cannabis deal
London, Dec. 29, 2019 (AltAfrica)-Ghana is poised to join the growing number of African countries turning to the lucrative business of cannabis .
The West African country is reportedly targeting about $56 million revenue in five years from both the cultivation and exportation of industrial hemp pending parliamentary approval.
Having about 100 acres of land ready for business, The Hemp Association of Ghana (HAG) has signed a Memorandum of Understanding (MoU) with a Ghanaian-owned cannabis operator based in Portugal for this ‘mouth-watering’ deal.
According to report,with cannabis having a maturity period of 16 weeks and Ghana with a favourable weather condition, the substance can be planted and harvested about four times in a calendar year
Every year, HAG is projected to rake in the sum of US$11.2 million and at the end of the agreement in five years, a total of over US$50 million will be generated as revenue.
A representative of Soringa TM, Raphael Ofori-Adeniran lamented the waste of time by the parliament in passing the required law to set the process in motion “It is unfortunate that the Ghanaian government and lawmakers are dragging their feet in this burgeoning multi-billion dollars global industry-an industry that can exceed the value of crude oil in the nearest future”.
“There are Ghanaians living in countries that are eagerly lifting restrictions on Cannabis (especially industrial hemp which does not have any psychoactive effect) and these people are not waiting for the Ghanaian authorities to come off their stupor. We are putting our best foot into the doorway of this growing industry. It will be unfortunate that all the revenues that Ghana could have made from its citizens involved in the industry are made to stay outside Ghana and for foreign economies to enjoy the tax benefits”.
This deal comes on the back of some African countries including Zambia and Uganda making billions of dollars after the legalisation of cannabis in their countries.