The third quarter of 2017 has seen Ghana-Malaysia palm oil trade sit at $140 million, that is according to Chairman of the Malaysia Palm Oil Council (MPOC) Dato Lee Yeow Chor.
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Malaysia-Ghana palm oil trade hits $140 million
Ghana is one of Malaysia's biggest trading partners in the Africa region
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He disclosed this information at the Palm Oil Trade Fair and Seminar (POTS) in Accra, organised to foster the diplomatic relations between both countries.
MPOC Chairman Dato Lee explained that imports into Ghana increased by 23.9% to 203,000 tonnes in 2016 as compared to 163,000 tonnes in 2015.
Within the first nine months of 2017, Malaysian palm imports into Ghana totalling 213,000 tonnes had already exceeded the palm oil imports for the entire 2016.
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As a means of facilitating palm oil growth in Ghana, Malaysia has established a research facility in Accra.
Ghana is one of Malaysia's biggest trading partners in the Africa region with the total trade between both countries hitting $337 million in 2016.
Ghana’s first international commercial trade in oil palm took place in 1820. Starting from the wild palm harvesting, oil palm evolved into an agricultural crop and plantations were established by 1850.
Malaysia which is currently dominating the world palm oil market started the establishment of oil palm plantations with planting materials from Ghana.
Ghana has a total of 305,758ha of oil palm. More than 80% of this is cultivated by private small-scale farmers.
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Currently, the West African country Ghana has an unmet demand of 35,000tons of palm oil. The estimated unmet demand in the ECOWAS sub-region is 850,000tons.
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