Ghana EXIM Bank to invest $10m into yam exports
The Ghana EXIM Bank has said it is pushing an amount of US$10 million into yam export in the country.
This comes after Ghana became the largest yam exporter in the world with an annual production of 8.2 million metric tonnes.
Ghana’s annual yam production has increased marginally from 7.8 million metric tonnes to 8.2 million metric tonnes. Total earnings from yam in 2021 was US$436 million.
Speaking at the bank’s maiden stakeholders’ engagement with players within the yam sector, the chief executive officer of Ghana Exim Bank, Lawrence Agyinsam said the bank is committed to supporting the entire yam value chain to boost the sector’s productivity to help maintain such feat.
Despite such gains, available data shows that yam export has fluctuated over the period. The total volume of yam production declined by 14.4% in 2021.
In 2017, it declined from 18.97 million to 8.5 million and increased to 13.68 million in 2019. But it declined to 13.8 million in 2020.
Interacting with the media, Agyinsam said the EXIM Bank has put in place strategic plans to fend off competition from other countries as he stated that the US$10 million support has already been disbursed to boost the sector.
“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 said.
On the global charts, west Africa produces more yam with Nigeria topping the league table with about 67% of yam production whilst Ghana pulls up with 10%.
On the export market, Jamaica is Ghana’s closest competitor, ranking second in the export of yam.
