Ghana plans to secure a $500 million financing facility to expand oil palm cultivation across 100,000 hectares, as the government seeks to boost domestic production, create jobs and reduce reliance on imported vegetable oils.
Finance Minister Dr Cassiel Ato Forson said the financing window, arranged with the World Bank, would provide long-term repayment terms and a five-year moratorium. The facility is expected to be presented to Parliament for consideration.
The programme will support the development of new oil palm plantations across the Western, Central, Eastern, Volta and Ashanti regions, with the government targeting the creation of as many as 250,000 jobs, according to the minister.
The proposed expansion comes as Ghana seeks to strengthen agricultural production and develop more domestic processing capacity. Oil palm is a key raw material for edible oils, soap, cosmetics and other manufactured products, making increased local supply important for both food production and industry.
The government said suitable land had been identified for the project, while the process of acquiring the land was ongoing. The minister did not provide details of the proposed plantations’ ownership structure, the distribution of the financing or the conditions attached to accessing the funds.
The $500 million facility forms part of the government’s broader agricultural investment plans outlined in the 2027 Budget. Those plans also include aquaculture development to address an estimated annual fish supply gap of 500,000 metric tonnes and the development of the Pwalugu Multipurpose Dam to support irrigation, hydropower and commercial agriculture.
The oil palm programme’s implementation will depend on the completion of the financing arrangements, parliamentary consideration and the acquisition of land for cultivation.
