The Ghana Exim Bank (GXIM) has announced that it will contribute $10 million to yam exports.
This follows Ghana’s emergence as the subregion’s top yam exporter in 2021.
Lawrence Agyinsam, Chief Executive Officer of the Ghana Exim Bank, indicated that his organization would help the full value chain of yam production to increase productivity within the industry in order to continue this accomplishment.
Speaking to Joy Business at the Ghana Exim Bank stakeholder consultative conference on yam export, he suggested that the Exim Bank would need to intervene to boost the sector’s growth in order to fend off competition from other nations.
“We were the first to export yams in 2021. Because of this, we must do all possible to limit competition from them.
Mr.Agyinsam further called on yam exporters and producers to produce quality yams for foreign markets.
On the timeline for the release of the funds, he noted that, the funds were ready for disbursement.
“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 stressed.
West Africa produces the most yams globally, and Nigeria tops the charts with about 67 per cent of global yam production, dwarfing Ghana’s 10 per cent.
Yet, Ghana contributed 94 per cent of the total yams exported from West Africa and 22 per cent of global exports in 2019.
Exports of yam tubers reached a record-high of $48million last year, according to data from the Ghana Export Promotion Authority (GEPA), making the country the world’s largest exporter of yam.
Jamaica is Ghana’s closest competitor, ranking second in the export of yam. Its total exports were valued at $39million in 2021.
The global yam market is projected to register a compound annual growth rate of 3.5 per cent between 2020 and 2025, said Mordor Intelligence, a market research firm.
