Ghana is gearing up to launch a comprehensive Palm Industry Policy that aims to position the country as a significant player in the global palm oil market. The initiative, announced by Finance Minister Dr. Cassiel Ato Forson, seeks to elevate palm cultivation as a strategic crop alongside cocoa, a long-standing export staple.
Speaking during a meeting with representatives from British International Investment (BII), Dr. Forson outlined the government’s ambitious plans. “We are looking to attract private sector investment to cultivate 50,000 hectares of palm. For the first 20,000 hectares alone, we estimate a need for $100 million in investment,” he stated.
The minister’s remarks underscore Ghana’s strategic intent to harness the economic potential of palm oil, drawing lessons from established industry giants like Malaysia, which have successfully integrated palm cultivation into their national development frameworks.
Currently, Ghana remains dependent on imports for palm oil, a contrast to regional competitors such as Côte d’Ivoire, which has already entered the export arena. The new policy is expected to not only address this shortfall but also to stimulate broader economic growth within the agribusiness sector.
As part of the initiative, the Ministry of Finance is set to establish a Real Sector Division, a dedicated body tasked with identifying high-impact sectors and driving growth opportunities in agribusiness and responsible mining.
The renewed focus on the real sector has been well received by international investors. BII, which has already invested over $200 million in Ghana, particularly in the energy sector, expressed optimism about the potential of the palm industry. The institution is exploring opportunities to expand its support to include small and medium-sized enterprises, and those in the forestry and banking sectors.
The BII is also considering convening its full board in Ghana for the first time in nearly a decade, signaling strong confidence in the country’s evolving economic landscape. With the launch of the Palm Industry Policy, Ghana positions itself at a pivotal moment, poised to capitalize on the global demand for palm oil and to diversify its economic base.
