Prime News Ghana

World Bank conducts study on Ghana's cocoa industry 

By Justice Kofi Bimpeh
Cocoa in Ghana
Cocoa in Ghana
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The World Bank is conducting a study on the cocoa industry to ensure the sustainability of the sector which has given the nation several billions of dollars over the years.

 The World Bank is warning that the cocoa industry may take nosedive if things are not done differently. 

Ghana is estimated to have produced about 812,000 tonnes of cocoa beans in 2018/2019 crop year a decrease of approximately 969,000 tonnes in 2016/2017 crop year. 

Simon Ehui, regional director for Sustainable Development, West and Central Africa of the World Bank explained that there is a need to focus more on the sustainability of the industry.

"...some studies to support the cocoa agenda in the Ghana and Côte d'Ivoire, which the decrease is caused by high deforestation especially in the southwestern part of Ghana which not sustainable. So we are also looking at the sustainability of the cocoa industry in Ghana and it's part of our dialogue process with the countries."

The World Bank is also currently conducting a diagnostic study on the Ghanaian economy.

According to the World Bank, the study will reveal whether the appreciable growth of the economy over the years will be sustainable in the coming years.

The Ghanaian economy is expected to grow by about 1.96% this year to become one of the highest in the world despite the Covid-19 pandemic.

Regional Director for sustainable development Western and Central Africa Simeon Ehui explained that the country's reliance on natural resources will not help the growth of the economy.

"We are currently doing what we call a ... Free Diagnostic for Ghana which will be published soon. We are going to look at the sustainability of the growth of the economy of Ghana which may not be sustainable over the next few years if we continue to be dependent on the natural resources base."