Palm oil industry has huge economic and job creation potentials – Duffuor

Former Finance Minister aspiring for the flagbearer in Opposition National Democratic Congress (NDC) Dr. Kwabena Duffuor says palm oil industry has huge economic and job creation potentials hence deserves attention.

Global Palm Oil Market was valued at USD 63.86 Billion in 2022 and is projected to reach a value of USD 80.90 Billion by 2030 at a CAGR of 3.00% over the forecast period.

The market size is further expected to be worth around USD 106.3 billion by 2032.

However, despite Ghana having the potential to become net exporter of the commodity, trade data obtained from the Oil Palm Development Association of Ghana (OPDAG) indicates that Ghana rather imported some US$1.17billion worth of oil palm between 2019 and 2021.

The country was able to produce just about 850,000 tonnes within the same period.

Addressing delegates of the NDC in Kade, a palm oil producing community in the Eastern region, Dr. Duffuor said the next NDC government will invest in the palm oil industry for sustainable income for farmers, boost economic growth and create jobs.

Dr. Duffour also assured that the next NDC government will continue its programs and policy of increasing cocoa production to 2 million tonnes annually.

“We will continue our program of free distribution of 20 million Cocoa seedlings annually we initiated under late Prof.Atta Mills. Our target then was to achieve 2 million metric tonnes of cocoa production”.

Dr. Duffuor also assured residents of Kade and its environs that defunct Match factory established by Osagyefuo Dr Kwame Nkrumah and all other collapsed factories will be revived.

He is winding up his 4-day campaign tour in the Eastern region ahead of the NDC’s Presidential Primaries in May 13, 2023 which he is contesting together with former President John Mahama and former Mayor of Kumasi Metropolitan Assembly, Kojo Bonsu.

The former governor of the central bank of Ghana has been assuring delegates of the NDC a rebirth of the party to revert power to the grassroot.

He said the grassroot has been neglected contrary to foundation principles of the party.

The business mogul reiterated his commitment to make NDC business centered party that will own shares in major companies just as ANC party in South Africa to become financially viable so that the party is not hijacked by few people because they contribute to the running of the party.

Dr.Duffuor also said he will provide monthly salaries to the executives of the party to ensure that they become more dedicated to the work of the party.

He said the heroes fund will be restore,institute pension scheme for party, build regional and constituency offices for the party, provide vehicles and other resources to empower the grassroot.

Dr.Duffuor also indicated that women in the party must be empowered economically to help sustain the fortunes of the party.