The Chamber of Cannabis Industry has called on the Ghanaian government to invest in cannabis cultivation to diversify cash crops and boost economic growth. Experts say Ghana’s favorable climate positions the country to earn $1 billion annually from the $50 billion global cannabis market.
Dr. Mark Darko, CEO of the Chamber, highlighted this potential during the launch of the Chamber’s Training Centre and Sky Bridge Pharmaceuticals. He noted the 2023 Narcotics Control Commission Bill now permits cannabis cultivation for industrial purposes, unlocking immense economic opportunities.
According to Dr. Darko, one hectare of cannabis could generate at least $10,000 in revenue. He emphasized the medicinal cannabis sector’s importance in managing chronic pain and treating conditions like epilepsy, citing the U.S.’s $11 billion revenue in 2021.
The Chamber’s new Training Centre, supported by Sky Bridge Pharmaceuticals, will equip farmers with sustainable cultivation techniques and foster innovation for global markets. Dr. Samuel Twumasi of Sky Bridge Group urged the government to expedite licensing processes to attract investments.
Cannabis, used to treat conditions such as cancer and chronic pain, represents a significant economic opportunity. Allied Market Research projects the global cannabis market to grow from $25.7 billion in 2021 to $148.9 billion by 2031.