Israeli businessmen to invest in cashew

Accra (Greater Accra), 11 Jan. '99 - An Israeli company today began negotiations with the Ministry of Food and Agriculture on the development of Ghana's cashew for export.

The four-man Israeli business team from the Double Contact Group are in the country to discuss possible co-operation in maize, groundnut and cotton production.

The team has also expressed interest in tourism, Dr Samuel Dapaah, Chief Director of the Ministry, told reporters after a meeting with the Minister, Mr Joseph H. Owusu- Acheampong, by the team in Accra.

This is the second visit by the team led by Mr F. Hanein, chief Executive of the company. Last year, they met the Speaker of Parliament, Mr Justice D.F. Annan, at the Castle, Osu.

Dr Dapaah said the immediate interest of the company is in the development of Ghana's cashew for export.

He said the investment, when finalised, will create about 300 jobs. The team will bring Indians on contract to process the cashew and guarantee an export market.

Dr Dapaah said the only part to be played by Ghana is to expand its production base to meet the challenges ahead.

Currently, most of the country's cashew is being processed in India.

The raw cashew is bought at 600 dollars a tonne and sold at between 5,000 and 8,000 dollars a tonne when processed.

''Hence, the need to look at the possible means of processing it locally,'' Dr Dapaah added.