Mr. Samuel Awonnea Avaala President of the Oil Palm Development Association of Ghana (OPDAG) has stated that Ghana needs to increase its production of palm oil in the next 10 to 15 years to save foreign exchange and become self sufficient in palm oil.
Speaking in stakeholder meeting in Accra Mr Samuel Awonnea Avaala explained that Ghana is net importer of palm oil, he said as compare to our production we buy more palm oil with limited resources.
He said the country is importing a lot of cheap vegetable oils in recent times which give disadvantage and unfair competition to local industry.
He stated that the imported oils have negative impact on refining sector and affected on value chain, including farmers and other dependents relating to palm oil sector.
Such practice of trade causes the loss of revenue of the government.
Ghana corporate tax incentives
The palm oil sector with appropriate duty will attract the investors to invest and grow plantation this will increase local production of crude palm oil (CPO) and reduce the importation of this commodity.
The country has 10 important plantation companies which create employment for many people in palm oil sector.
More than 240,000 people are employed by this sector and reduced unemployment and rural urban drift
There are many other smallholders and out growers who presented huge opportunities to employ the people and wealth creation in rural communities.
The out growers and smallholders of the country account for 80 percent of total palm oil production but they are least productive in crop yielding of the country and deficient in quality of production and extraction rates.
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