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Business News of Wednesday, 21 September 2022


Ghana must capitalize on opportunities coconut offers - Mike Oquaye Jnr

Mike Oquaye Jnr, the Chief Executive of the Ghana Free Zones Authority Mike Oquaye Jnr, the Chief Executive of the Ghana Free Zones Authority

Mike Oquaye Jnr, the Chief Executive of the Ghana Free Zones Authority has said the variety of benefits derived from coconut should serve as motivation for people to invest in and also patronize products made from coconut.

Speaking on the opening day of the second edition of the International Coconut Festival on Tuesday, September 20, 2022, Mike Oquaye Jnr advanced the need for the country to pay particular attention to the coconut sector.

Highlighting some of the benefits derived from coconut, Mike Oquaye Jnr said that the government is already implementing measures to grow the sector to make it one of Ghana highest export earners.

He said through the Ghana Export Promotion Authority, the government has rolled out some interventions which are already yielding results.

“Coconut is one of the world’s versatile products because it’s a fruit and seed. The three offer benefits for fuel and medicine. The tree can also be used for construction and we can extract fuel and charcoal, manure from the husk, and milk and oil from the mature flesh.

“Coconut water is a national refreshing drink and has health benefits. Coconut oil is now accepted worldwide as one of the best oils for food and beauty. Coconut sugar is becoming a healthier option to regular sugar.

He disclosed that the market size has been projected to hit $31billion in 2026 and that Ghana can generate revenue from the market by learning best practices from countries like India, Brazil, and Sri Lanka to expand and grow the sector.

Mike Oquaye Jnr remarked that despite the avalanche of opportunities offered by coconut, the country has not fully utilized them and that time has come for the narrative to change.

In his welcome address, the Deputy Chief Executive of the Ghana Export Promotion Agency(GEPA) Sam Dentu stated that his outfit has embarked on an initiative to facilitate the growth of the coconut sector to make it a key commodity for export.

He noted that these measures are already yielding positive results with the sector witnessing some major strides in the last few years.

The International Coconut Festival draws together industry players, government agencies, and investors to explore ways of growing the sector.