Effects of COVID-19: Ghanaian cashew farmers reduce price from GHC8 to GHC2

- Ghanaian cashew nut farmers have raised concerns about the economic impact of the coronavirus on their business

- They reportedly sell a kilo for GHC2 or GHC3 instead of the usual GHC8 per kilo

- In 2016, cashew brought in $197 million in export revenue, which was 53% of the $371 million received from its sub-sector

Our Manifesto: This is what YEN.com.gh believes in

YEN.com.gh has learned that Ghanaian cashew farmers have expressed concerns about the fall in the price of the product.

Information available shows that it has reduced from an initial GHC8 per kilo to about GHC2 or GHC3 for the same quantity.

The local farmers revealed that it is because they are no longer able to export to Asia due to the outbreak of the coronavirus.

READ ALSO: Ghanaians abroad now send less money home due to COVID-19

For that reason, thebftonline.com reports, they are compelled to sell their raw nuts at giveaway prices.

Cashew nut is considered as a key contributor to Ghana’s Non-Traditional Exports (NTEs) over the years and topped the list in that category between 2016 and 2018.

However, demand for the crop fell during the current purchasing season, which usually peaks in mid-April, due to the global economic effects of the coronavirus.

According to Kwaku Adu, the Chairman of the Ghana Corporative Cashew Farmers and Marketing Association, the shortage of foreign buyers from Asia and Europe, has created challenges for them.

In 2016, cashew gave Ghana about $197 million in export revenue, representing 53% of the $371 million received from the NTE sub-sector.

Exports increased by 43.84% from $262.95 million in 2017 to 378.21 million in 2018.

In other news, COCOBOD has predicted that Ghana is likely to lose $1 billion in revenue following a drop in global cocoa prices.

YEN.com.gh understands that the outbreak of the coronavirus led to a decline in cocoa prices on the world market.

This, COCOBOD explained, has stalled the current syndication process for loan facilities for the 2020/2021 crop season.

READ ALSO: Traders fear death from hunger as Aflao border remains closed (Photos)

Enjoyed reading our story? Download YEN's news app on Google Playstore now and stay up-to-date with major Ghana news!

"I've recovered from COVID-19 but my barber doesn't want to shave me" - Fred Drah | #Yencomgh

Want to be featured on YEN.com.gh? Send us a message on our Facebook page or on Instagram with your stories, photos or videos

Source: YEN.com.gh