GHANA is set to tap into the global cannabis market, with the potential to earn $1bn annually from the industry, according to Mark Darko, CEO of the Chamber of Cannabis Industry. The country recently passed the Narcotics Control Commission Bill, 2023, which legalises the cultivation of cannabis for industrial and medicinal purposes.
Darko highlighted the economic potential during the launch of the Chamber of Cannabis Training Centre in Accra. ‘One hectare of cannabis can generate at least $10,000. This is a $50bn global industry, and Ghana could earn at least $1bn annually from cannabis cultivation. This will reset the nation’s economy,’ he said.
Cannabis industry to transform Ghana’s economy
The Chamber’s training centre aims to equip farmers with the skills to cultivate and process cannabis sustainably. According to Darko, this initiative will support the production of high-quality cannabis for therapeutic and industrial purposes, positioning Ghana as a competitive player in the global market.
Global demand for cannabis continues to rise. Darko noted that the US earned over $11bn from medicinal cannabis sales in 2021, with projections to double by 2025. Europe, expected to become the largest medicinal cannabis market, is forecasted to reach $45bn within five years.
Building a sustainable cannabis ecosystem
Sky Bridge Pharmaceuticals, a partner in the initiative, aims to produce cannabis-based medicines that meet international standards. Samuel Twumasi, Group CEO of Sky Bridge, urged the government to streamline licensing processes and introduce taxes and levies to attract investment.
Twumasi also emphasised the importance of maintaining ethical practices and fostering research and innovation to develop cannabis products for global markets.
Unlocking Ghana’s cannabis potential
With supportive government policies, training programmes, and growing global demand, Ghana’s cannabis industry is poised to contribute significantly to the national economy. As legal frameworks take effect, stakeholders are optimistic about the sector’s transformative potential.
