Ghana is exploring an unconventional yet potentially lucrative addition to its economy: the sale of cannabis. According to Mark Darko, CEO of the Chamber of Cannabis Industry, the West African country could generate up to $1 billion in revenue from cannabis sales.

The estimate is based on the global cannabis market, which is expected to reach $21.04 billion in 2025, according to independent research firm Statista. Darko believes that with government intervention, Ghana can tap into this lucrative industry and reap significant economic benefits.

The Chamber of Cannabis Industry has taken a significant step towards realizing this goal with the opening of its Training Center in Accra. The center will provide farmers with the necessary skills and expertise to cultivate and process cannabis, with the aim of producing high-quality products for both therapeutic and industrial uses.

Darko emphasized the potential of the cannabis industry, citing the example of the United States, which recorded over $11 billion in medicinal cannabis revenue in 2021. He also highlighted Europe's projected growth, which is expected to reach $45 billion within the next five years. Ghana, he believes, can replicate this success and reset its economy.

The Chamber's Training Center will not only provide training but also encourage ethical behavior, research, and innovation to create products that meet international standards. Sky Bridge Pharmaceuticals, a partner in the initiative, aims to manufacture unparalleled cannabis-based medications that adhere to the tightest regulations globally.

To encourage investment in the industry, Darko urged the government to impose taxes and levies for cannabis growing permits as soon as possible. This move is expected to attract investors and create a thriving cannabis industry in Ghana.

The adoption of the Narcotics Control Commission Bill, 2023, which authorizes the growing of cannabis for industrial uses, has paved the way for Ghana to explore the potential of the cannabis industry. As the country moves forward with its plans, it will be interesting to see how this unconventional industry contributes to Ghana's economic growth.

In a broader context, Ghana's move into the cannabis industry reflects a growing trend in Africa, where several countries have legalized cannabis cultivation for industrial and medicinal purposes. As the global cannabis market continues to grow, it will be fascinating to observe how African countries like Ghana capitalize on this opportunity and create new revenue streams.