The Ghana Exim Bank (GXIM) has said it will invest $10 million into the exports of yam.
This comes after Ghana emerged as the highest exporter of yam within the sub region in 2021.
To maintain this feat, Chief Executive Officer of the Ghana Exim Bank, Lawrence Agyinsam, explained that, his outfit will support the entire value chain of yam production to boost productivity within the sector.
Speaking to Joy Business at the Ghana Exim Bank stakeholder consultative forum on yam export he opined that, to fend off competition from other countries, the Exim Bank would have to step in to support the sector for expansion.
“We were first in 2021 in yam exportation. We really need to prevent competition from our competitors that’s why we have decided to invest such amount to help the growth of the sector”, he said.
Mr. Agyinsam further called on the yam exporters and producers to produce quality yams for foreign markets.
On the timeline for the release of the funds, he noted that, the funds are ready for disbursement.
“We are ready with the money. All we want is to see these farmers go through the right processes. Production of quality yam is also necessary”, he stressed.
West Africa produces the most yams globally, and Nigeria tops the charts with about 67% of global yam production, dwarfing Ghana’s 10%.
Yet, Ghana contributed 94% of the total yams exported from West Africa and 22% of global exports in 2019.
Exports of yam tubers reached a record-high of $48million last year, according to data from the Ghana Export Promotion Authority (GEPA), making the country the world’s largest exporter of yam.
Jamaica is Ghana’s closest competitor, ranking second in the export of yam. Its total exports were valued at $39million in 2021.
The global yam market is projected to register a compound annual growth rate of 3.5% between 2020 and 2025, said Mordor Intelligence, a market research firm.
Source:James Eshun | myjoyonline.com