Ghana Nuts insights

Our country is currently the leading exporter of this commodity, and purchases up to 98% of Cambodia's output for processing and export. One of Vietnam's outstanding export stars is cashew nuts, as our country has maintained its position as the world's No. 1 exporter of cashew nuts for 16 consecutive years, accounting for nearly 80% of the total global output. Although it is the world's leading exporter of cashew nuts, in recent years, Vietnam has had to increase its import of raw cashew nuts due to a shortage of domestic processing materials. Currently, 90% of raw materials for the production of Vietnam's cashew industry are imported from Cambodia and Africa. According to preliminary statistics from the General Department of Customs, cashew nut imports to Vietnam in October reached more than 141 thousand tons, worth more than 220 million USD, down 16.9% in volume and 9.3% in value compared to the previous month. Accumulated in the first 9 months of the year, imports of this item reached more than 2.3 million tons, worth more than 2.89 billion USD, down 8.5% in volume and down 1.

The global value of cashew nuts industry is currently valued at 2.6 billion US dollars having dropped slightly from 2.7 billion US dollar in the year 2020.

Ghana is famously known for commodities such as cocoa, gold, and shea. These commodities have proven to be important earners for our economy. For example, according to the Bank of Ghana, exports of cocoa beans and products amounted to US$2.29 billion in 2022. Thankfully, other commodities like cashew and soybean have gained ground and hold significant potential to further boost the country’s economy, diversify our export base and improve the livelihoods of local producers. Statistics from the Ghana Export Promotion Authority indicate that earnings from Non-Traditional Exports (NTEs) increased from US$2.84 in 2020 to US$3.33 billion in 2021. Cashew nuts constitute one of the top ten NTEs. This proves that agricultural produce such as cashew and soybean have the potential to generate foreign exchange for Ghana. However, to fully realize this potential, policy amendments and strategic government interventions will have to be put in place. Commodities are generally raw materials; basic