Financial Institutions Urged to Support Promising Coffee Businesses for Sector Growth

Samuel Adomako, Vice President of the Coffee Federation of Ghana, has called on financial institutions to extend their support to promising coffee businesses to foster growth in the sector.

Speaking at the maiden Ghana Coffee Week, Mr. Adomako encouraged financial institutions to identify and invest in promising coffee ventures, noting that this collaboration is crucial to building a strong coffee industry in Ghana. By working together, he said, they could drive the growth and success of the sector, benefiting both the farmers and the broader economy.

“Let us continue to gather, support, and encourage our coffee farmers and entrepreneurs. The financial institutions present here have a chance to identify promising coffee businesses and provide the necessary backing to help them succeed. Together, we can build a thriving coffee industry,” he said.

Ghana’s coffee sector is steadily gaining traction and is seen as a key part of the country’s efforts to diversify its agricultural exports. Although often overshadowed by the cocoa sector, coffee is beginning to emerge as a valuable crop, especially as climate change poses challenges to cocoa production in certain regions.

Joseph Boahene Aidoo, the CEO of Ghana Cocoa Board (COCOBOD), noted during the event that the global coffee market is currently valued at $233.78 billion and is expected to grow at an annual rate of 5.4 percent through 2030.

According to Mr. Aidoo, this global growth presents a valuable opportunity for Ghana to capitalize on, especially by strengthening local coffee production and consumption. He stressed that by encouraging Ghanaians to drink more locally produced coffee, it would not only boost the domestic market but also ensure that farmers receive fair compensation, thereby contributing to the broader economic development of the country.

Financial institutions hold a pivotal position in driving the growth of Ghana’s coffee sector. Their support, through targeted investments, can unlock the untapped potential within the country’s coffee businesses.

Supporting entrepreneurship and ensuring access to financial resources can ignite significant economic growth, particularly in rural areas where coffee farming plays a vital role. Ghana’s favorable climate, especially for cultivating the Robusta variety, provides a strong foundation for the country to expand its presence in the global coffee market.

Source:thehighstreetjournal.com