By Kofi Ahovi
The World Bank Group is developing a global strategy in the palm oil sector through an open and participatory discussion with stakeholders to ensure a common approach across the world.
The strategy would outline a set of principles to guide the World Bank Group's future engagement in the palm oil sector with the key goal of maximizing development outcome for the communities and minimizing adverse social and environmental impacts of the sector.
IFC and the World Bank are of the view that most of the issues affecting the palm oil sector cut across countries therefore the exercise aims to collate as many views as possible through discussions of opportunities and challenges facing the sector.
Briefing the media after a two-day consultative meeting on the strategy in Accra last week, Mark Constantine, Principal Strategist, International Finance Corporation (IFC) said the process was aimed at supporting smaller businesses to undertake their activities in an environmentally friendly manner as well as promote sustainable development.
The main objectives of the palm oil strategy development process are to assess opportunities, key issues and challenges in the palm oil sector, particularly as related to development impacts, rural economies, supply chains and environmental and social sustainability.
It is also to identify environmental, social and other risks associated with the sector and propose solutions and mitigation opportunities.
The strategy development process, which started in November 2009, is expected to be completed in July this year. However, the final draft would be ready in September 2010.
The draft report will be disseminated electronically to stakeholders for the final review and revised as needed to take into account final comments received. The final strategy will be submitted to the World Bank Group senior management for consideration and endorsement and released publicly.
Representatives of civil society organizations, private companies, financial institutions, industry associations, smallholder producers, government representatives and research institutions took part in the discussions. Similar event were also held in Cameroon, Cote d'Ivoire, Gabon, Liberia, Nigeria and Sierra Leone.
Participants discussed potential of the palm oil industry in sub-Saharan Africa and its economic, social and environmental implications, increasing yields and productivity seen as key to the industry's future. Other areas considered were the need for support for smallholder producers through access to finance, environmental certification, land policy and technology transfer.
World Bank Country Manager to Liberia, Ohene Owusu Nyanin, said the palm oil sector had the potential to create jobs and reduce poverty. Mary-Jean Lindile Ndlovu, Country Manager, IFC, said the institution had so far invested 533 million dollars across different sectors, including palm oil in Ghana.
The World Bank Group is developing a global strategy in the palm oil sector through an open and participatory discussion with stakeholders to ensure a common approach across the world.
The strategy would outline a set of principles to guide the World Bank Group's future engagement in the palm oil sector with the key goal of maximizing development outcome for the communities and minimizing adverse social and environmental impacts of the sector.
IFC and the World Bank are of the view that most of the issues affecting the palm oil sector cut across countries therefore the exercise aims to collate as many views as possible through discussions of opportunities and challenges facing the sector.
Briefing the media after a two-day consultative meeting on the strategy in Accra last week, Mark Constantine, Principal Strategist, International Finance Corporation (IFC) said the process was aimed at supporting smaller businesses to undertake their activities in an environmentally friendly manner as well as promote sustainable development.
The main objectives of the palm oil strategy development process are to assess opportunities, key issues and challenges in the palm oil sector, particularly as related to development impacts, rural economies, supply chains and environmental and social sustainability.
It is also to identify environmental, social and other risks associated with the sector and propose solutions and mitigation opportunities.
The strategy development process, which started in November 2009, is expected to be completed in July this year. However, the final draft would be ready in September 2010.
The draft report will be disseminated electronically to stakeholders for the final review and revised as needed to take into account final comments received. The final strategy will be submitted to the World Bank Group senior management for consideration and endorsement and released publicly.
Representatives of civil society organizations, private companies, financial institutions, industry associations, smallholder producers, government representatives and research institutions took part in the discussions. Similar event were also held in Cameroon, Cote d'Ivoire, Gabon, Liberia, Nigeria and Sierra Leone.
Participants discussed potential of the palm oil industry in sub-Saharan Africa and its economic, social and environmental implications, increasing yields and productivity seen as key to the industry's future. Other areas considered were the need for support for smallholder producers through access to finance, environmental certification, land policy and technology transfer.
World Bank Country Manager to Liberia, Ohene Owusu Nyanin, said the palm oil sector had the potential to create jobs and reduce poverty. Mary-Jean Lindile Ndlovu, Country Manager, IFC, said the institution had so far invested 533 million dollars across different sectors, including palm oil in Ghana.
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