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Economy

Benchmark valuation policy killing oil palm industry

Stakeholders in Ghana’s oil Palm industry on Monday said the sector is on the verge of collapse, as cheap imports continue to take over the local market.

They said unless government acts quickly, there would be no local oil palm industry.

The President of the Oil Palm Development Association of Ghana (OPDAG), Samuel Avaala, said since the introduction of the benchmark valuation policy by government last year, the industry had struggled to survive.

He said the benchmark valuation policy had made oil palm imports cheaper than the locally produced ones.  

Prior to the introduction of the benchmark value, a 25 litre (Yellow Gallon) of oil produced locally was selling at GH¢145.00 as against GH¢150.00 for the imported produce.

However, he said when the policy kicked in, the locally produced vegetable oil was still selling at GH¢145.00, the imported products started selling between GH¢75.00 and GH¢120.00.

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