Chief of Staff Dr.Julius Debrah has announced government’s intention to facilitate invenmstment in establishment of a large-scale palm oil plantation and processing factory in the Akyem Abuakwa area in Eastern Region to create jobs, stimulate industrial growth, and strengthen the local economy.
Speaking during the celebration of the Ohum Festival in Akyem Abuakwa on Saturday, July 4, 2026, Dr.Julius Debrah said the area has enormous potential to become a major hub for palm oil production, describing palm oil as the new “red gold” on the global market.
According to him, investing in commercial palm cultivation and value addition through processing would generate employment opportunities for thousands of young people while increasing incomes for farmers and businesses in the area.
He noted that palm oil has become one of the world’s most sought-after commodities due to its wide range of industrial applications.
The global palm oil market is valued at over $67 billion and projected to hit over $100 billion by 2030.
Palm oil is one of the world’s most important agricultural commodities, with more than 75% of global production used in food products such as cooking oil.
The remaining 25% is used in cosmetics, personal care products, soaps, detergents, pharmaceuticals, and bioenergy.
According to the 2018 report by the International Union for Conservation of Nature (IUCN), global palm oil production increased from 4.5 million tons in 1980 to about 80 million tons in 2024.
Demand is expected to grow by approximately 1.7% annually until 2050 due to population growth.
Around 85% of the world’s palm oil is produced by Indonesia and Malaysia, followed by Thailand, Colombia, and Nigeria.
The industry is a major contributor to the economies of Indonesia and Malaysia, generating employment, supporting infrastructure development, creating growth in rural areas, and boosting national and local economic development.
According to Dr.Julius Debrah,Ghana can also harness its favourable climate and fertile lands to compete in the global market.
He urged the chiefs and people of Akyem Abuakwa to embrace the vision by making land available for commercial cultivation and supporting initiatives aimed at attracting investment into the sector.
The Chief of Staff said the proposed plantation and processing factory would not only create sustainable jobs but also position Akyem Abuakwa as a leading agricultural and palm oil industrial enclave in Ghana.
Source : www.kumasimail.com
