Sunday, February 25, 2024
HomeAFRICAGhana could easily have earned $3 billion from cannabis.

Ghana could easily have earned $3 billion from cannabis.

Ambrose Derry, minister of the interior, has outlined the economic benefits Ghana stands to gain from the cultivation of cannabis for industrial and medicinal purposes.

According to him, Ghana would not have sought a three-year, $3 billion aid package from the International Monetary Fund (IMF) if cannabis cultivation could have generated the same amount in one year.

“Mr. Speaker, we were projected to generate $3 billion from cannabis cultivation in 2023 if not for this ruling. “We would not have gone to the IMF for that $3 billion because $3 billion a year is what we would have achieved in 2023, yet we have gone for $3 billion for three years,” he said in parliament on Wednesday.

“There is a pressing need to consider this amendment to ensure that Ghana is not left out of this global trend that views narcotics issues as public health issues. We will not miss the industrial value of it, the medicinal value of it, or the economic value of it, so this is a matter that must be addressed immediately.

Alban Bagbin, the Speaker of Parliament, had previously stated that legalizing cannabis for industrial and medicinal purposes would generate substantial revenue for the nation.

In a majority ruling of 5 to 4, the Supreme Court reaffirmed its position that the law allowing the cultivation of marijuana in Ghana was passed unconstitutionally.

In July 2022, the court struck down Section 43 of Act 1019, the Narcotics and Narcotics Control Commission Act.

This provision stated that “the Minister, on the recommendation of the Commission, may grant a license for the industrial cultivation of cannabis, commonly known as “wee” in Ghana, with a THC content not exceeding 0.3% on a dry weight basis for the purpose of obtaining fiber or seed for medicinal purposes.”

However, the Supreme Court voided this provision and declared that it violated Article 106 of the Constitution of 1992.

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