First published in the Tropical Timber Market Report
Ghana exported a total of 42,173cu.m of wood products in the first two months of 2021. According to the Timber Industry Development Division (TIDD) report the country’s exports shot up by 6,639 cu.m in this period, representing 19% growth over the same period in 2020.
The remarkable export performance could be attributed to the higher export volumes recorded by the five leading export products, air and kiln dry sawnwood, billets, plywood for regional markets and milled sawnwood/mouldings. Exports for the period totalled Eur22.69-million against Eur17.64-million registered in the same two months in 2020. The market share for these products were Asia (64%), Europe (15%), Africa (11%), America (5.5%) and Middle East (4.4%) with teak, ceiba, wawa, denya, and mahogany as the leading species.
Meanwhile businesses in Ghana have expressed deep concern over the recent increases in fuel as this is having a direct impact on the cost of business operations and profits. Businesses say the increases have come at a time when most industries in the wood processing sector are just recovering from the impact on trade of the global pandemic.
In his 2021 budget statement the Minister of Finance announced an increase of 20 pesewa/litre in the Energy Sector Recovery Levy and this took effect from 1 May 2021. The African Centre for Energy Policy (ACEP) has said the timing of the increase in petroleum levies is unfortunate and may slow post-Covid-19 business recovery.