Proceeds from the export of timber declined in 2017 as compared to 2016, according to Minister of Lands and Natural Resources, Kwaku Asomah-Cheremah.
He made the disclosure while addressing the media on Tuesday in Accra at the Meet the Press Series organized by the Information Ministry.
The meeting was to enable him update the public on the Lands Ministry’s achievements, challenges and ongoing projects since January 2017.
According to the Minister, in 2017, timber export recorded a volume of over 339,000m3 as against 397,000m3 recorded in 2016, representing about 15 percent decline.
In terms of value, the Minister said $226 million was realized in 2017 as compared to $268 million in 2016, representing 16 percent decline.
Mr. Asomah-Cheremah attributed the decline in revenue to numerous factors such as dwindling resource base and availability of less expensive products from Asia on the global timber market.
He, however, indicated that as at June 2018, the Forestry Commission had facilitated the export of total wood of about 169,000m3 that generated $126 million.
According to him, “All things being equal and not underestimating the variability factors in the international market, the total expected value of $238 million will be recorded from an estimated volume of over 320,000m3 at the end of this year.”