Ghana’s oil palm export for 2024 dropped by more than 50%. This is according to the Oil Palm Development Association of Ghana.
According to the president of the association, Samuel Avaala, the decline is due to the lack of support for the sector and the influx of cheap oil from other countries.
Speaking to Joy Business, he made a passionate call for the local oil palm industry to be protected.
Mr. Avaala urged the government to step up efforts against the illegal intrusion of foreign oil products, which are affecting local producers of the commodity.
“We want to develop it ourselves, and it is in a state where we are not going to be competitive compared to our neighbors. Let’s play it safe. It’s around 50%. But in recent times, what has happened is that it is probably crossing the 50% mark, leaving the local side to take less than 50%,” he said.
The association said the palm oil production gap in Ghana requires significant investment in expanding local production capacities.
Mr. Avaala stressed the need for strong policies, relative exchange rate stability, and effective liquidity sterilization, indicating that a more stable macroeconomic environment could support further growth in the palm oil sector.
The palm oil production deficit
Ghana consumes approximately 450,000 metric tons of palm oil annually, predominantly used in products like vegetable cooking oil. However, the country’s local production only meets about 300,000 metric tons of this demand, leaving a substantial gap of 150,000 metric tons that must be imported.
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