Ghana has taken a decisive step to cut its huge palm oil import bill and revive its once-thriving oil palm industry, according to Finance Minister Dr Cassiel Ato Forson.

Addressing parliament during the 2026 Budget presentation, he announced the formulation of a National Policy on Integrated Oil Palm Development.

According to him, the policy aims to save the country over US$200 million annually, the amount spent on importing nearly 200,000 metric tonnes of crude palm oil each year.

“We have developed a national policy on integrated oil palm development, a bold plan to turn Ghana’s red-gold into a powerhouse of jobs, industry and growth,” Dr Forson told Parliament.

During the 19th century, particularly around the 1830s–1890s, the Gold Coast became one of the major exporters of palm oil in West Africa.

Despite being one of Africa’s early producers of the crop, the country now struggles to produce enough to meet local demand with an import bill of over $200 million.

However, Dr Forson remarked that the new policy would focus on expanding plantations, strengthening local refineries and processing capacity, as well as promoting value addition to ensure Ghana fully benefits from its agricultural potential.

“This policy change, backed by expanding plantation and boosting refinery and processing, will create about 250,000 jobs,” the minister revealed.

To make the plan viable, Dr Forson said the government will acquire large tracts of suitable land in partnership with the Ministry of Lands and Natural Resources, ensuring fair compensation to affected landowners and communities.

Dr Forson reaffirmed the government’s commitment to revitalising the agriculture sector, especially agro-processing and industrial transformation, describing it as central to the nation’s development agenda.