Accra, June 1, GNA - The World Bank Group is in the process of developing a global strategy in the palm oil sector through an open and participatory discussion with diverse group of 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 maximising development outcome for the communities and minimising adverse social and environmental impacts of the sector. Briefing the media after a two-day consultative meeting on the strategy in Accra, Mr Mark Constantine, Principal Strategy Officer, International Finance Corporation (IFC) said the process was aimed at supporting smaller businesses to undertake their activities in an environmentally friendly manner.

Representatives of civil society organisations, private companies, financial institutions, industry associations, smallholder producers, government representatives and research institutions from Cameroon, Cote d'Ivoire, Gabon, Ghana, Liberia, Nigeria and Sierra Leone participated in the meeting. Mr Constantine said IFC and the World Bank were of the view that most of the issues affecting the palm oil sector cut across countries and the exercise aimed to collate as many views as possible through discussions of opportunities and challenges facing the sector.

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.

Mr Ohene Owusu Nyanin, World Bank Country Manager to Liberia said the palm oil sector had the potential to create jobs and reduce poverty. Ms 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.