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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

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    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

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Supply of cooking oil to stall if Indonesia’s ban on palm oil export persists

byBobbie Osei
May 5, 2022
in Agribusiness, Agriculture, Local Economy, Palm Oil, Top Stories
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Stakeholders in the crude palm oil industry are warning of supply disruptions for cooking oil and imported crude palm oil on the Ghanaian market in the next 2 to 3 months if the ban on palm oil export from Indonesia isn’t lifted soon.

Indonesia, the world’s biggest producer of crude palm oil, ordered a ban on the export of the commodity starting April 28 to address an ongoing shortage of cooking oil in the country.

The Indonesian government acknowledged that the palm oil export ban will hurt international consumers but deemed it necessary to lower the price of domestic, branded cooking oil, which soared from 14,000 to 15,000 rupiah (US$0.96 to US$1.03) per liter to over 22,000 rupiahs (US$1.52) per liter. President Joko Widodo said in a statement on April 27 that the ban would be lifted once local demand was met and prices stabilized.

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Palm oil is by far the most consumed and traded edible oil in the world. According to the United States Department of Agriculture, 77 million tons of palm oil are expected to be produced this year – with Indonesia accounting for around 60 percent of the global supply share. Malaysia ranks second with a 25 percent supply share.

Speaking to Citi Business News about the repercussions of the move, the Managing Director of Wilmar Africa Limited, producers of Frytol, Kwame Wiafe, noted that Ghanaian suppliers have enough stock for 3 months but will struggle to supply the market after that stock runs out.

“So because we normally import, there is a 3-month cycle in terms of product availability. Currently, we may have products either on the sea or on the ground that can take us to 3 months, but if the ban is sustained and we are unable to bring in more products from now onwards then after 2 to 3 months the supply-side risks will start to kick in.”

“On the pricing front though, it will start translating within the shortest possible time because of the fact that our prices are tied to prices on the international market,” he added.

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We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

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