Ghana is reportedly getting ready to introduce a comprehensive palm industry policy that will make the nation a big player in the world market for palm oil, according to hints made by Dr. Cassiel Ato Forson, Minister of Finance.
In a meeting with British International Investment (BII) representatives, Dr. Forson stated that the policy will put palm alongside cocoa as a strategic crop to propel Ghana’s agribusiness agenda.
Dr. Cassiel Ato Forson claims that this is done to draw in investment from the business sector.
“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 said.
The Minister pointed out that Ghana is committed to following in the footsteps of nations like Malaysia, which have effectively used palm oil to promote national development.
Ghana does not currently produce enough palm oil on its own, but neighboring nations like Côte d’Ivoire already export.
The Ministry of Finance will shortly create a Real Sector Division to support this mission by identifying high-impact industries and growth prospects, such as responsible mining and farming.
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The government’s renewed emphasis on the real sector was welcomed by BII, which has made over $200 million in investments in Ghana, mainly in the energy sector.
The organization is thinking about bringing its complete board to Ghana for the first time in around ten years and has indicated interest in extending help to sectors like banking, forestry, and SMEs.
