Coffee sector wants financial boost to unlock growth potential

The Coffee Federation of Ghana is calling on financial institutions to invest in the country’s promising coffee sector.

The Federation emphasised that the global coffee market, currently valued at $233.78 billion and growing at an annual rate of 5.4% through to 2030, presented a significant opportunity for both local and international investors, given Ghana's favourable climatic conditions and the growing global demand for coffee.

The call comes at a critical time when the country is working to reduce its dependence on cocoa exports and create new revenue streams in agricultural commodities.

At the opening of the maiden Ghana Coffee Week celebration in Accra, the Vice-President of the Coffee Federation of Ghana, Samuel Adomako, said financial support through soft loans would enable farmers modernise their operations to meet international standards, improve yields and scale up production. 

He explained that with strategic investments, the sector would create a robust value chain, from cultivation to processing and export, creating jobs and boosting rural economies. 

“The coffee sector holds great potential therefore financial institutions must take advantage and work with farmers and entrepreneurs to promote and support the coffee business.” 

“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 them with the necessary support to help them succeed. Together, we can build a thriving coffee industry,” he said.

Ghana coffee week

The week-long national celebration funded by the European Union (EU) and organised by the International Trade Centre (ITC) in partnership with the Coffee Federation of Ghana was on the theme: “Importance of the Coffee Sector to Ghana’s Economy and Government’s Commitment to Supporting its Growth.”

It aimed to increase awareness of Ghana’s coffee industry and its potential to boost economic growth.

The celebration featured a series of activities including training sessions to enhance the skills of baristas and young entrepreneurs with interest in adding value to 
Ghanaian coffee; Women and Youth in Coffee forum to project their roles in the coffee value chain, an agro-tourism trip, and a coffee fair and exhibition to showcase the products of local roasters and producers.

The Head of Cooperation at the EU Delegation to Ghana, Massimo Mina, described the Ghana Coffee Week celebration as an excellent opportunity to raise awareness, foster collaborations, grow opportunities for value additions, sustainable practices and increase local coffee consumption.

He said the cash crop represented a crucial source of income for the poorest segments of the world's population, adding that “2.7 million tonnes of coffee from non-EU countries in 2023 alone were valued at €10.6 billion.”

Govt's commitment

In a speech read on his behalf, the Chief Executive Officer (CEO) of the Ghana Cocoa Board (COCOBOD), Joseph Boahene Aidoo, said the coffee sector was an additional pathway to a prosperous and sustainable future for farmers, communities, value chain actors and the nation as a whole.

He said government was committed to nurturing that potential, working collaboratively with all stakeholders: farmers, cooperatives, processors, investors and consumers to create a vibrant coffee industry in Ghana, Africa and the international community.

For his part, the National Programme Coordinator for ITC Alliances for Action, Larry Attipoe, advised stakeholders to collaborate to project the evolving coffee sector and its contribution to the Ghanaian economy.