The Ministry of Food and Agriculture (MoFA) has committed four million euros to boost shea production and enhance producer capacity this year.

“We from the Ministry of Food and Agriculture have committed four million euros to build the capacity of our producers of shea to increase the production of nuts this year,” said Mr. Eric Opoku, Minister of MoFA.

He was speaking at the inauguration of the newly sworn-in board of PBC Shea Limited in Accra on Tuesday.

Mr. Opoku announced that an agreement between the Ministry and the African Development Bank regarding the investment would be signed shortly.

“We hope that within the coming days, the agreement will be signed, and four million euros will be available for investments into shea production.”

Mr. Opoku highlighted that the shea sector in Ghana is largely dominated by women, with over 600,000 engaged in harvesting, processing, and selling shea nuts and butter.

“Shea constitutes the major source of income, and so there is a need for us to ensure the establishment of a high-backed agreement between PBC Shea Limited and the farmers.

“This agreement should provide a ready market for farmers’ produce and create financial certainty and security among the farmers,” he said.

The Minister stated that the agreement would ensure a consistent supply of raw materials to the company and urged the board to lead efforts in harnessing the sector’s potential for increased foreign earnings.

“We just want you to lead the crusade for us to take advantage of our available resources to increase our foreign earnings,” he said.

He noted that Ghana earned $92.6 million from shea butter in 2022 but expressed optimism for greater revenue.

“I believe we can do more than that. We can go beyond $500 million if we work assiduously to achieve the targets set,” he said.

Mr. Opoku affirmed Ghana’s status as the leading exporter of shea butter globally and noted the country holds a premium position in the international market.

“Ghana’s shea butter was of the finest quality globally and its demand was so high. We are told that the global shea market is estimated at US$2.75 billion and it is projected to hit US$5.58 billion in 2033.

“The demand for shea is increasing and potential exists here. We must increase production, increase processes and take advantage of the huge market out there,” he said.

The Minister pointed out that the PBC Shea Company, established to add value and promote export earnings, had collapsed over the past eight years.

He challenged the board to revive the company in fulfilment of the President’s pledge.

“One thing you must note is that the board is different from management. You must work together, but the board should not interfere with the management of the company.

“The President has a lot of confidence in you; he trusts your capabilities to transform that factory and you cannot fail the President,” he said.

Mr. Opoku urged board members to work diligently and contribute to the factory’s transformation.

Reverend Fant Lambon Aaron, Board Chairman of PBC Shea Limited, pledged to rejuvenate the company in line with the government’s 24-hour economy vision.

“We shall work together to transform this institution from its current challenges into a beacon of excellence not just in Ghana, but on the world stage. Our vision is clear to position PBC Shea Limited as a leading force in shea processing, a creator of jobs, a builder of industries and a contributor to Ghana’s growing reputation for agro-processing excellence.

“We are determined to create over 30,000 direct and indirect jobs, the majority of which will empower women and young people in our rural communities,” Rev Aaron said.