Business

Cashew Prices Fall Drastically

The price of cashew has reduced drastically significantly. This is said to have seriously demoralized famers who had high expectation of the establishment of the Cashew Development Authority.

XYZ News has learnt a bag of raw cashew nuts weighing 100kg which was sold at GH¢800 during the peak period in the 2018 season, is currently going for GH¢200, a sharp reduction of 75%.

The prevailing situation has caused some frustrated farmers who do not have storage facilities to leave the commodity to rot on the farms. They are unable to bear the high cost of transportation and labour.

A frustrated Secretary of Tain Cashew Union, Solomon Ameyaw complains that buyers always hide behind flimsy reasons to manipulate the market. He is appealing to government to fast-track establishment of the Tree and Industrial Crops Development Authority to salvage the situation.

During his recent tour of the Ahafo and Bone regions, President Akufo-Addo, announced that the Ministry of Food and Agriculture has completed framing the much-awaited tree and Industrial Crops Development Authority. The draft bill, he said, is expected to be laid in Parliament soon.

The proposed Authority will among others have the mandate to accelerate the production and marketing of tree crops including cashew, mango, rubber, oil palm and coffee. This is expected to enhance the country’s earnings from non-traditional exports.

Reports say of the twelve cashew processing companies in the Ahafo, Bono and Bono East Regions, eleven have shut down operations – leaving only one in the business.

 

Source:Ghana/myxyzonline.com/93.1Mhz

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