The funding will allow the Authority to support the development of 500 hectares as a pilot to enable Ghana to become an exporter of avocado fruits to boost revenue towards the attainment of the $10 billion revenue target.
Mr Eric Amoako Twum, Deputy Chief Executive Officer GEPA, said assessment of the potential markets for avocados across the globe showed that Ghana would enormously benefit from the export of the fruits.
He said it was in this direction that GEPA had signed a Memorandum of Understanding with Vegpro to facilitate the development of the project.
In 2016, the global avocado market registered sales revenue of about $12 billion and this is expected to grow to $23 billion by the end of 2027.
Imports of fresh avocados to the European market have doubled from 2012 to 2016, driven by the consumer demand for ready-to-eat and healthy food.
Mr Twum said the increasing demand would create opportunities for Ghanaian producers and exporters to reach buyers in the large consumer markets.
Already, GEPA is undertaking targeted interventions to support the production of pineapple, cashew and coconut as well as sweet potato for the export markets.
The move is in line with GEPA’s vision to increase annual earnings to $10 billion under the National Export Strategy from the current $2.3 billion.