Lang
The Government of Ghana is moving ahead with a new palm oil industry policy that aims to plant 119,050 acres of oil palm across the country.
The plan positions oil palm as a major economic pillar alongside cocoa.
According to Finance Minister Dr. Cassiel Ato Forson, the first phase of the project, covering 47,620 acres, will require an investment of $100 million.
In a Facebook post on Friday, April 4, 2025, Dr. Forson said the policy forms part of a wider plan to reduce Ghana’s dependence on palm oil imports while creating jobs and supporting agribusiness growth.
He said the government aims to attract private-sector investment to plant 119,050 acres of oil palm, with the first 47,620 acres alone requiring an estimated $100 million.
Dr. Forson said Malaysia’s successful transformation through oil palm cultivation provides a model Ghana can learn from.
He added that although Ghana has suitable conditions for oil palm cultivation, it remains a net importer of palm oil.
He said this situation must change, noting that neighboring Côte d’Ivoire has already started exporting, which highlights the urgent need for Ghana to raise production.
The palm industry policy is expected to create thousands of jobs in rural communities and support the government’s import substitution agenda.
Dr. Forson also revealed that, as part of plans to support the oil palm initiative and other high-impact sectors, the Ministry of Finance will soon establish a new Real Sector Department.
This unit will focus on identifying and developing key areas of economic growth, especially agribusiness and responsible mining.
The announcement followed a meeting between the Ministry of Finance and officials from British International Investment (BII), the UK government’s development finance institution.
BII currently has investments of more than $200 million in Ghana, mainly in the energy sector.
Dr. Forson said BII showed strong interest in expanding its investments into small and medium-sized enterprises, forestry, and banking.
He added that BII is also considering holding its full board meeting in Ghana for the first time in nearly a decade.
The government initiative reflects a renewed focus on value-added agriculture and targeted investment to stimulate the real economy.