Global Coconut Market Reaches Over $18bn – Group
Chairman of the Africa Coconut Group, Davis Korboe, has revealed that the global coconut market has reached over $18 billion within the past two months with a growth rate of 13% per year.
According to him, global coconut production stands at about 62 million tonnes with about 90 million farmers involved of which 90% are smallholder farmers.
He said this during the media launch of the 4th International Coconut Festival, Ghana organised by Ghana Export Promotion Authority (GEPA), Africa Coconut Group, Tree Corps Development Authority, Ghana Eximbank as well as CocoFeG and Solidaridad.
The event which took place at the GEPA Impact Hub was themed, “Empowering Lives Through Coconut: Innovation, Employment And Sustainable Livelihoods”.
He disclosed that over 350,000 people have been employed directly and indirectly in the coconut sector, adding that, it is a testament to its importance as a pillar of the agriculture landscape.
Mr. Korboe said the festival focused on leveraging new technologies and business models that can create wealth and sustainable jobs, particularly for the youth.
“By building a robust and innovative coconut value chain, we can empower thousands of young Ghanaians to see agriculture as a valuable and profitable career,” he stated.
GEPA CEO, Afua Asabea Asare, revealed that, GEPA recognises the potential of coconut saying, “Coconut industry has become a beacon of hope for many, especially in the wake of global challenges such as climate change and the COVID-19 pandemic.
Mrs. Asare stressed that, GEPA is committed to supporting the innovative programme and will provide platforms for capacity building, research and technological advancement to ensure that Ghanaian coconut products remain competitive and sustainable.
Western Regional Minister, Kwabena Okyere Darko-Mensah, said the region is the backbone of Ghana’s coconut industry accounting for about 80% of the country’s coconut export with a minimum of $400 million annually.
He, thus, urged all stakeholders to unite and invest in coconut production for sustainable livelihoods and a brighter future.