Friday, April 12, 2024

ACA Calls for Creation of Cashew Development Fund in Africa

The African Cashew Alliance (ACA) has called on the Consultative International Cashew Council (CICC) to establish an African Cashew Development Fund, which will help in developing a system for processing Raw Cashew Nuts (RCN) within the continent instead of shipping them to Vietnam and India.

The African Cashew Alliance (ACA) has called on the Consultative International Cashew Council (CICC) to establish an African Cashew Development Fund, which will help in developing a system for processing Raw Cashew Nuts (RCN) within the continent instead of shipping them to Vietnam and India.

President of ACA, Otunba Tola Faseru, who made the call during the 17th African Cashew Alliance (ACA) conference held in Dakar, Senegal, noted that the creation of the fund would enable banks such as the African Development Bank (AfDB) and the Afrexim Bank to provide funding for cashew development.

ACA was established in 2006 to provide a great and unparalleled platform with an interest in promoting a globally competitive African cashew industry that facilitates trade and profitability for all actors in the industry through different programs and activities.

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Faseru pointed out that this year’s conference, with the theme ‘Sustaining the African Cashew Industry: Assessing the Journey so Far and Looking Forward’, would help in reflecting on the sustainability agenda’s progress, identifying the challenges faced, and re-strategizing for the future of the industry.

He reiterated the commitment of ACA to sensitize all African countries on the need to tap into cashew production while explaining that the development fund would transform the African cashew processing capacity to build a sustainable economy, which is driven by women and youth.

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“ACA is positioned to empower women and youths to increase cashew yields across Africa. The ACA yearly conference is not just a mere gathering of major players in the cashew value chain, but a coming together of cashew industry stakeholders in the private sector (business owners, producers, processors, exporters, and the public sector) to re-strategize and strengthen alliances for the progress and productivity of the cashew industry globally.

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