Ghana is set to bring back the glory of Oil Palm as Oro Oil Ghana has sealed a 10-year partnership deal with some Nigerian Investors to explore production potential and market expansion, aiming to reduce reliance on traditional methods and boost smallholder farmers’ income.
Beyond trade, the strategic partnership will bring Nigerian oil palm investments, expertise and machinery to complement Ghana’s conducive environment for cultivation of over 10,000 hectares of plantation size, affordable and abundant workforce and large market through the African Continental Free Trade Area (AfCTA).
Due to neglect and lack of strategic investment in the sub-sector by successive governments, Ghana’s production capacity has dwindled.
Ghana’s oil palm export for 2024 dropped by more than 50%. This according to the Oil Palm Development Association of Ghana.
For the Nigerian counterpart, growth and export driven strategy for Ghana must include standards for international best practices to attract, accommodate investors and drive market confidence.
Nigeria currently consumes approximately three million metric tons of palm oil annually, with Oro Oil Ghana being the largest exporter to Nigeria.
According to the CEO of Oro Oil Ghana Limited, Maxwell Commey, the decline is due to the lack of support for the sector, poor planting materials and technological gap.
Speaking at the much-anticipated National Economic Dialogue 2025 at the Accra International Conference Centre, which brought together leading economic experts, policymakers, and industry leaders to tackle Ghana’s pressing economic challenges, Mr Commey noted that, Ghana stands at about 100,000 hectares planted, hence this all-important partnership will mobilise investors and other industry resources from Nigeria.
He added that this will deepen employment, gross domestic product, industrialisation, expertise and knowledge transfer in Ghana.
He reiterated the call for a land bank by the government which will go a long way to improve production and address the supply gap of approximately 250,00MT.
“This partnership aims to foster growth in Ghana’s palm oil industry and establish mutually beneficial cooperation. This is indeed a confident booster for Oro Oil Ghana Limited and the economy at large”, Maxwell said.
Mr Commey took the opportunity to urge the government to step up support for the sector to harness the full potential within the local and regional markets.
The two-day National Economic Dialogue 2025 organised by the government, is centered on the theme “Resetting Ghana: Building the Economy We Want Together.”
Source:myjoyonline.com
