According to PHA (Panafrican Hemp Association), the African continent can set up a hemp sector that’s dependent on the locally operated and owned supply chains; however, Africa’s diverse countries require investment and expertise from abroad.
Malobi Ogbechie (PHA’s funder and top director) said that as jurisdictions throughout the continent expand marijuana legalization in some aspects, and investments start flowing into Africa’s marijuana operations, the excitement involves more than cannabis.
Ogbechie said that after speaking with various African participants he knows that much of the excitement is for industrial assets, for instance, hemp fiber applications and using hemp in the automotive, textile, and construction industries.
Although European and American countries can offer markets and expertise for Africa’s hemp companies, it’s still uncertain who will avail finances and intellectual capital the sector requires thriving in Africa.
Ogbechie added that there’s a surfeit of investment and expertise coming from North America and there’ll be close interactions with Europe due to the proximity to similar time zones and markets.
The founder of the new association noted that if Africans fail to build the sector, someone else will. He added that since China is currently dominating the African market, there will be much collaboration in terms of machinery, seed knowledge, and supply.
The new organization plans on setting up a stable industry framework that’s agile enough to respond to diverse needs of the continent’s varied, many markets. Malobi pointed out that Africa handles things differently since each country has its regulations and way of handling matters.
Africa’s hemp growers will require a lot of help for the industry to thrive in aspects such as farming, genetics, innovation, and processing. However, the continent avails several merits. According to Ogbechie, the continent has conducive weather and a lot of lands.
According to the IMF (International Monetary Fund), six from the top ten top high-growth nations are found within the continent.