The Ghana Export and Import Bank (EXIM Bank) says it has approved an amount of 9.2 million Ghana cedis to support processing of shea into cosmetic products and value addition for export.
The investment, the bank says, should translate into the creation of 300 direct jobs, as it is to revamp the whole shea industry value chain.
As of 2017, Ghana earned $70.2 million from the export of shea butter products. It was also the second highest export earner with 34 million dollars in 2015; behind cashew nut in the agricultural subsector.
According to Director of Communications at Ghana EXIM Bank, Richard Osei Anane, the bank is committed to enhancing the growth of the shea industry in Ghana.
“EXIM Bank is a development bank specialized in supporting export-oriented companies so that we can increase foreign exchange, create jobs as well as support rural industries,” he said.
He added, “We have come to realize that in the three northern regions, the shea nut industry is very thriving and therefore the bank has decided to come out with a project which is the Shea Empowerment Initiative with an amount of more than nine million Ghana cedis to support the capacity building and financing of the women in that industry from the picking, processing and export.”
Mr. Anane made the announcement in Accra, on the sidelines of a business training seminar organized by Global Shea Alliance and EXIM Bank.
The Global Shea Alliance is a non-profit industry association with 450 members from 33 countries including women’s groups, brands and retailers, suppliers, and NGOs.