The Managing Director of the Agricultural Development Bank (ADB) Limited, Dr John Kofi Mensah has said the bank is set to partner Posco International of South Korea for the establishment of a multi-million dollar oil palm refinery in Ghana.
Posco International is a multi-billion dollar company with expertise in establishing value chains in various areas of business including steel, energy, agro-commodities, chemical products, machinery parts, infrastructure, and so on, discovering sustainable business models in over 80 countries worldwide.
Available figures indicate that Ghana is currently the eight largest producer of Palm Oil in the world with an estimated production of 243,852 tons annually mainly dominated by private small-scale farmers.
According to Dr Mensah the establishment of the refinery will make Ghana a major exporter of not just the raw material but also the finished product of palm oil and kernel which will far exceed other cash crops.
Speaking during a courtesy call on the Management of the Bank by the Chief Executive Officer of Posco International in charge of North & West Africa, Mr. Wonchae Yi, in Accra, Dr Mensah welcomed the partnership and indicated the preparedness of the Bank to assist with the necessary feasibility studies for the project to take off in earnest.
"We are happy to partner Posco International to help establish the refinery since it also falls in line with government’s Planting for Export and Rural Development programme (PERD), he said.
Dr Mensah said the meeting was a follow-up of preliminary discussions held in South Korea by the Ghanaian delegation led by the Deputy Minister of Transport Honorable Daniel Nii Kwartei Titus Gloverduring the Private Sector Facility sessions at the 24thGreen Climate Fund Board Meeting held in Incheon, South Korea.
"With assistance from the National Designated Authority (NDA) under the Ministry of Finance we are going to fast track the process of partnering PSOCO International for several projects in the country," he said.
Dr. Mensah indicated that the Bank already has the necessary expertise to make the establishment of the refinery possible since it has been at the forefront of partnering companies like the Ghana Oil Palm Development Company (GOPDC), Benso Oil Palm Plantation (BOPP) and Twifo Oil Palm Plantation (TOPP) in similar ventures.
Fresh Palm Fruits and Palm kernel oil can be processed into; vegetable cooking oil , glycerin ,Bio-diesel and for soap including washing and medicinal purposes, the sap from the tree is also a resource for processing into various alcohols for […]