Dr. Cassiel Ato Forson, Ghana’s Finance Minister, has revealed that the country is preparing to introduce a comprehensive Palm Industry Policy designed to establish Ghana as a key player in the global palm oil market. During a meeting with representatives from British International Investment (BII), Dr. Forson explained that the policy aims to position palm oil as a strategic crop, on par with cocoa, to drive Ghana’s agribusiness agenda. “We plan to attract private sector investment to develop 50,000 hectares of palm. For the first 20,000 hectares alone, we estimate a $100 million investment requirement,” he stated.
The Minister highlighted the success of countries like Malaysia, which have utilized palm oil to support national development, and noted that Ghana is committed to replicating this success. Currently, Ghana is not self-sufficient in palm oil production, while neighboring nations like Côte d’Ivoire are already exporting. To further this initiative, the Ministry of Finance is set to establish a Real Sector Division, which will focus on identifying high-impact sectors and growth opportunities, including agribusiness and responsible mining. BII, which has invested over $200 million in Ghana, particularly in the energy sector, welcomed the government’s renewed focus on the real sector.
The institution also expressed interest in expanding its support to areas such as SMEs, forestry, and banking, and is considering bringing its full board to Ghana for the first time in nearly a decade.
