The Minister for Agriculture Dr. Owusu Afriyie Akoto says the government is targetting converting some six tree crops into cash crops that should fetch a total US$12 billion in export revenue every year.
Dr. Afriyie Akoto stated that the plan is part of the government’s Planting for Export and Rural Development (PERD) and is aimed at generating more foreign exchange in order to correct the structural imbalance of the Ghanaian economic which causes the perennial currency depreciation.
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Speaking at a ceremony by the Finance Ministry to unveil a committee to assess the factors that feed into the depreciation of the cedi, the Agric Minister stated that the six crops which include rubber, coffee, cashew, coconut and oil palm, possess the same potential as cocoa which generates about US$2 billion forex per annum.
The Minister argued that the relevant agriculture research institutions have all been included in the strategy and farmers will be provided with seedlings as well as the requisite assistance to ensure that the target is achieved within 6-7 years.