If the prohibition on the export of palm oil from Indonesia is not lifted, the price of cooking oil and other products made with CPO, such as soaps and cookies, should climb in Ghana in the coming weeks. According to stakeholders in the palm oil business, this is the case.
To solve an ongoing shortage of cooking oil in the country, Indonesia, the world’s largest producer of crude palm oil, imposed an export embargo on the product on April 28.
Ghana is currently a net importer of crude palm oil, and according to Kwame Wiafe, Managing Director of Wilmar Africa Limited, which produces Frytol, prices on the international market have already begun to rise, which will have an impact on Ghanaian prices soon.
“Indonesia’s approach will almost certainly result in a rise in retail prices.” Ghana’s pricing are tightly related to international market prices, owing to the fact that we are net importers. Palm oil-related items are already at an all-time high in Ghana. Prices have climbed by roughly 50% since the beginning of the year.”
“Shortly after Indonesia’s statement, the price of CPO jumped from $1,600 per metric tonne to $1,850 per metric tonne. And the price hikes aren’t expected to stop anytime soon. As a result, since this translates our local market, prices on the local market would rise,” he added.
