Home Business Ghana To Make $56M From Hemp Deal

Ghana To Make $56M From Hemp Deal

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Ghana is said to gain US$ 56 million in five years from both cultivating and exporting industrial hemp.

The Hemp Association of Ghana (HAG) has signed a Memorandum of Understanding (MoU) for this’ mouth-watering’ contract with a Ghanaian-owned hemp company located in Portugal.

According to the duo, cannabis has a maturity period of 16 weeks. Because of this reason, it can be cultivated and extracted almost four times in 12 months because Ghana has a pleasant weather condition.

Raphael Ofori-Adeniran, a representative of Soringa TM, complained that “it is disappointing that the Ghanaian government and lawmakers are dragging their feet in this emerging multi-billion dollar global industry — an industry that can exceed the value of crude oil shortly.”

He continued, “Ghanaians are living in countries eagerly lifting cannabis restrictions (especially industrial hemp that has no psychoactive effect), and these people are not waiting for the Ghanaian authorities to come out of their stupor. “

This agreement comes on the back of some African countries, including Zambia and Uganda, making billions of dollars in their region since cannabis legalization.

Yet Ghana’s story is different as Parliament hesitates to decriminalize growing using and selling for medical and cosmetic purposes.

Check out this interesting video about this topic

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