President Mahama, Ato Forson clear path for Ghana’s US$9bn agro-industrial potential

Ghana may have created one of its most important policy openings in decades to transform agriculture from a producer of raw commodities into a major processing, manufacturing and export industry.

The combination of President John Dramani Mahama’s 24-Hour Economy and Accelerated Export Development programme, government’s removal of excise duty on locally manufactured fruit juices, proposed incentives for machinery and equipment used by qualifying 24-hour industries, and improving macroeconomic stability provides a potentially powerful platform for a new generation of Ghanaian agro-industrial businesses.

Properly developed across cocoa, pineapple, rubber, shea, avocado, coconut, oil palm, Bambara beans, chickpeas, millet, quinoa, tiger nuts and other natural crops, the opportunity could exceed US$9billion annually.

At sufficient scale across farming, processing, manufacturing, packaging, logistics, research and exports, the wider value chain could also support an ambition of more than 800,000 direct, indirect and induced jobs.

These would not be jobs for farmers alone. The emerging industries would require engineers, food scientists, processing technicians, machine operators, laboratory specialists, agronomists, drivers, packaging manufacturers, exporters, marketers, logistics companies and young entrepreneurs.

This is therefore not simply an agriculture story. It is an industrialization opportunity built on what Ghana can grow,process, manufacture and sell competitively to domestic and international markets.

For years, Ghanaian agro-processors have faced a difficult contradiction. The country has encouraged agricultural production and local manufacturing while processors have simultaneously confronted taxes, expensive imported machinery, high financing costs, exchange-rate volatility and an inconsistent supply of agricultural raw materials.

Tax relief resets the economic processing
One of the most significant interventions is the removal of excise duty on locally manufactured fruit juices. President Mahama, when assenting to the Excise Act, 2026, specifically highlighted the exemption as an incentive for local production.

Industry associations in Ekumfi and Asebu welcomed the government and Finance Minister Dr. Cassiel Ato Forson’sdecision to abolish the 20 percent excise duty, arguing that the tax had constrained investment across a value chain covering pineapple, papaya, citrus, passion fruit, ginger and coconut.

For processors such as Ekumfi Fruits and Juices, the removal could improve the economics of domestic processing. If factories become more competitive and buy more fruit, farmers can expand acreage, while greater production creates demand for nurseries, irrigation, labor, packaging, transportation and distribution.

24-hour economy offers production platform
The 24-Hour Economy programme provides another part of the industrial platform. The programme is designed around expanding production, employment and exports, while its incentive framework is intended to make industrial expansion and retooling more attractive.

President Mahama announced that qualifying factories registered under the initiative would be allowed to import machinery and equipment for expansion or retooling without paying duties and taxes. The framework also provides import-tax relief for machinery used in strategic agriculture and manufacturing, alongside corporate-tax incentives linked to multi-shift operations.

A juice factory operating one shift could move towards two or three. Cocoa processors could increase capacity utilization, while oil-extraction facilities, cold stores, packaging lines, transport services and export-preparation facilities could operate beyond conventional business hours.

Economic stability is also playing a role ​
Stability is equally important, businesses importing machinery, packaging materials and specialized equipment need a predictable exchange rate, manageable inflation and access to long-term financing.

The Bank of Ghana said on September 17 that inflation had returned within its target band, external buffers had strengthened and the exchange rate had remained broadly stable. The direction is encouraging, although borrowing costs remain a constraint.

Ghana needs only a fraction of the global market
Global consumers are spending heavily on healthy foods, functional foods, plant proteins, natural beverages, nutraceuticalingredients and wellness products. The global healthy-foods market is estimated at approximately US$1.16trillion in 2026, while functional foods alone are estimated at more than US$421billion.

Ghana’s proposed US$9billion opportunity would represent less than one percent of the US$1.16trillion market. The country does not need to dominate the industry. It must identify areas where it has agricultural and industrial advantages and capture a commercially meaningful share.

Cocoa should be one of the first pillars. The opportunity extends beyond exporting beans into cocoa liquor, butter, powder, chocolate, beverages, functional ingredients and cosmetics.

Niche Cocoa provides an example of how locally produced cocoa can move through industrial processing into finished products. Its expansion into the United States also illustrates how a Ghanaian value chain can move closer to major consumer markets.

The model should be to grow in Ghana, process in Ghana, add value, build brands and reach global consumers. Government has reinforced this direction, with President Mahamacommitting to process at least 50 percent of Ghana’s cocoa beans locally.

Pineapple and other fruits provide another foundation. EkumfiFruits and Juices connects farms to processing, packaging, branding and distribution. The removal of the excise duty could support expansion beyond conventional juice into fruit concentrates, natural powders, dried fruits, ginger beverages, essential oils, nutraceutical ingredients and wellness drinks.

An expanded Ekumfi-centered fruit ecosystem could support between 12,000 and 25,000 direct, indirect and induced jobs, subject to economic modeling.

Crops must feed into factories
Rubber, shea, avocado, coconut and oil palm offer additional routes into manufacturing, exports and import substitution.

Ghana can deepen its rubber industry from plantations and latex processing into footwear, hoses, seals, construction materials and automotive components. Shea can move from nuts and butter into specialty fats, cosmetics, food ingredients and branded consumer products, creating opportunities for collectors, women-led businesses, processors and exporters across northern Ghana.

Avocado provides a dual opportunity. Premium fruit can be exported fresh, while other grades can be processed into oil, powder, cosmetics, food ingredients and nutrition products. Coconut can supply water, milk, virgin oil, flour, cosmetics, fibre and activated carbon.

Oil palm can support refined oils, food products, soaps, cosmetics and oleo chemicals. It also offers Ghana the opportunity to replace imports and retain foreign exchange.

The common objective is to move from selling raw agricultural materials to producing the higher-value products purchased by final consumers.

Plant protein could become Ghana’s next food industry

Bambara beans, chickpeas, millet, quinoa and tiger nuts could be converted into protein flours, concentrates, plant-based beverages, breakfast products, nutrition bars, healthy snacks and food-manufacturing ingredients.

Bambara could be processed into flour, protein concentrates, beverages and breakfast foods, while millet could support cereals, instant porridge, snacks and nutrition drinks. Chickpeas and quinoa should first undergo agronomic and commercial testing before large-scale production.

Tiger nuts offer opportunities in milk, flour, oil, fibre and functional beverages. Combining these crops with Ghanaian cocoa, coconut, pineapple and ginger could produce distinctive Ghanaian foods for domestic and export markets.

Possible products include a cocoa-and-Bambara protein beverage, a pineapple-and-ginger functional drink, a millet-and-tiger-nut breakfast beverage and coconut-based plant-protein products.

At this stage, Ghana would no longer merely be growing crops. It would be developing food technology built around formulation, intellectual property, manufacturing, packaging, branding and distribution.

Young Ghanaians could enter the industry as agronomists, food scientists, engineers, laboratory specialists, drone operators, machine operators, packaging entrepreneurs, product developers, exporters and brand owners.

US$9 billon ambition needs hard numbers
Reaching the projected US$9billion annual value will require financing from commercial banks, pension funds, insurance companies, development-finance institutions, private-equity funds and local and foreign strategic investors. The funding must cover commercial cultivation, irrigation, processing plants, cold storage, machinery, packaging and export logistics.

Government’s incentives have improved the investment case, but the opportunity will depend on converting the proposed value chains into bankable projects backed by reliable raw-material supplies, long-term financing and confirmed domestic and export markets.

By Elikem Desewu