Government nears US$500 million oil palm financing deal

Accra, July 23, GNA – The Government is finalising a US$500 million World Bank financing agreement to support large-scale commercial oil palm development through private sector lending.

Dr Forson said the initiative was expected to unlock private sector investment, create more than 250,000 direct and indirect jobs across the value chain, strengthen smallholder participation, increase domestic crude palm oil production, reduce import dependence and position Ghana as a regional hub for palm oil processing and exports.

Dr Forson said a key pillar of the Integrated Oil Palm Development Policy was the establishment of sustainability-compliant oil palm land banks to reduce investment risks and accelerate the development of large-scale plantations integrated with smallholder and out-grower schemes.