Tax incentive for cashew investors

Government has expressed its readiness to offer tax exemptions to investors who will consider venturing into cashew production and processing.

The Minister of Trade and Industry, Haruna Iddrisu, who disclosed this at the opening of the 2013 World Cashew Festival in Accra, said although the country has improved its production to 50,000 metric tonnes of raw cashew more could be done to make Ghana a leader in cashew export industry.

So far, about $25 million has been invested in the cashew processing in the country. “Ghana is still a stable destination to do business. We are ready to give free zone status to any company, which wants to add value to cashew by producing in Ghana, particularly for export,” Mr. Iddrisu said.

The world cashew festival brings together cashew farmers, processors and traders, service providers and retailers, equipment manufacturers and other players in the cashew business to dialogue on the way forward and enhance the growth and sustainability of the cashew industry in Africa and the world.

Officially opening the four-day festival, the sector minister said government has launched a national export strategy, which seeks to increase the volume of exports from $2.5 million to $5 million by the end of 2017.

He stated that Ghana is making significant strides in promoting the development and growth of cashew. “We are looking forward to working with processors, manufacturers and exporters to make Ghana a major exporter and processor of cashew.”

He said plans are far advanced to diversify the production of cashew by giving out some stimulus package to Ghanaian entrepreneurs in the cashew industry to support their businesses.

Deputy Agriculture Minister, Dr. Ahmed Alhassan Yakubu, in a remark, said Ghana’s cashew business has increased over the decades from 18,000 hectares in 2000 to 75,000 hectares in 2012.

He therefore urged participants to take advantage of the opportunity and learn to make the local cashew market sustainable. Georgette Taraf, ACA President said since the festival began eight years ago, the alliance has seen its share of success in the cashew market.

“The ACA seal programme continues to grow with seven processors currently participating in the programme and four others who have completed it,” she said.