Rising commodity prices highlight agricultural sector potential

The agricultural sector in PNG is pivotal to our economy, often referred to as the 'engine room' due to its substantial role in driving growth and generating employment opportunities.

BSP Group GM Corporate, Peter Beswick, while giving his insight into the BSP Quarterly Pacific Economic and Market Pulse Report, said that as the largest employer in PNG, the agricultural sector sustains livelihoods for numerous farmers and harvesters across the region.

“The rising commodity prices present extensive opportunities across various sectors, highlighting agriculture's potential to fortify economic stability and support national development,” Mr. Beswick said.

In supporting that drive in the agricultural sector, BSP Retail recently collaborated with New Britain Palm Oil Ltd and launched the Hargy Cashless Payment Eco-system campaign, which resulted in the establishment of 7,000 farmer accounts in the West New Britain Province.

He added “this signifies significant strides in empowering local farmers and advancing financial inclusion. This initiative strengthens the agricultural sector and reinforces PNG's economic resilience.”

Mr. Beswick fruther said the rising commodity prices also offer extensive opportunities beyond cocoa, underscoring the sector's potential to enhance economic stability and support national development.