PNG to See Major Digital Infrastructure Boost in 2024, Says DICT

 Agriculture continues to be the largest employer in Papua New Guinea and a major contributor to the country's economy, accounting for roughly one-third of the Gross Domestic Product (GDP). According to the latest Quarterly Pacific Economic and Market Plus Report from Bank South Pacific (BSP), agriculture is described as the ‘engine room’ of the nation’s economy due to its pivotal role in driving growth and generating employment.

Peter Beswick, BSP Group General Manager Corporate, presented insights from the report, highlighting that rising commodity prices are creating substantial opportunities across various sectors, with agriculture positioned to bolster economic stability and support national development.

Beswick noted that the increase in commodity prices extends beyond cocoa, showcasing agriculture’s potential to further enhance economic stability and contribute to national progress. The report indicates that cocoa prices in Papua New Guinea surged to an average of K2,500 per bag in the second quarter of the year but fell back to K1,700 per bag by the end of the quarter.

The BSP report also confirmed that agriculture exports played a significant role in boosting foreign currency inflow, with an 18.3 percent increase, reaching K5.4 billion. In support of the agriculture sector, BSP recently partnered with New Britain Palm Oil to launch the Hargy Cashless Payment Eco-System campaign, resulting in the creation of 7,000 farmer accounts in West New Britain Province.

“This initiative represents a major step forward in empowering local farmers and promoting financial inclusion,” said Mr. Beswick. “It strengthens the agriculture sector and reinforces Papua New Guinea’s economic stability.”

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PNG to See Major Digital Infrastructure Boost in 2024, Says DICT