Ghana: VPA rules of arbitration and procedure agreed

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Ghana’s Minister of Lands and Natural Resources Alhaji Fuseini has said the country’s cooperation with the EU and others will continue until illegal logging and trade in illegally sourced and manufactured wood products is eliminated.

Mr Alhaji Fuseini made the remarks at a ceremony in Accra where a new Aide Memoire was signed with the European Union. The signing of the Aide Memoire took place after the fifth meeting of the Joint Monitoring Review Mechanism (JMRM) from28-31 May. At this meeting the discussion centred on mechanisms for supervision and review of the implementation of the VPA.

The outcome of the JMRM was agreement on the development of a joint framework to monitor the impact of VPA implementation and finalise the rules of arbitration and procedure. The agreement on these issues was included in the Aide Memoire.

Increasing sawnwood availability in the domestic market will help eliminate illegally cut timber

In another development, the Wood Workers Association of Ghana (WWAG) has appealed to government to find ways to increase the supply of sawnwood to the local market to satisfy demand and make it unnecessary for consumers to have to turn to illegally processed sawnwood.

Ghana has developed policy that seeks to improve the supply of legal timber demand by the domestic market. Under the policy, sawmills are required to supply at least 40% of their production to the domestic market but even with the new policy domestic demand cannot be satisfied.

Providing competitive financing for small and medium sized companies

In a recent press release the African Development Bank (AfDB) reported approval of a USS 20 million line of credit for UT Bank Ghana to support the commercial activities of Small and Medium Enterprises (SMEs) and local corporations.

As the Ghanaian economy continues to grow and diversify, there is increasing need to address unsatisfied demand for competitive financing for small and medium sized companies in key economic sectors such as agriculture and light manufacturing.

This new facility aims to support financial sector development, enhance regional integration through intra-African trade and contribute to government revenue generation.

The financing being made available is expected to facilitate trade in essential raw materials, intermediate and finished goods, and equipment worth around US$ 140 million.

See:http://www.afdb.org/en/news-and-events/article/afdb-approves-a-usd-20-million-trade-finance-line-of-credit-for-ut-bank-ghana-to-support-smes-and-local-corporates-11813/

Positive medium term growth forecast for Ghana

The African Development Bank (AfDB) has just released it African Economic Outlook (AEO) (May 27, 2013) which says Ghana’s economy is expected to grow a further 8% by end of 2013. The AfDB report also forecast an 8.7% growth of the Ghanaian economy in 2014.

Ghana’s medium term growth outlook remains positive due largely to investments in extractives sector industries, public infrastructure and commercial agriculture.

Ghana’s GDP growth slowed from 14.4% in 2011 to 7.1% in 2012. However, the report notes that a 7.1% growth, when the world economies were in serious trouble, was encouraging despite lower cocoa and oil production during the year.

The AfDB Outlook maintained a focus on the high level of unemployment and urged the government of Ghana to create the right investment environment to stimulate growth in labour intensive industries.

See: http://www.afdb.org/en/knowledge/publications/african-economic-outlook/

Boule Export prices

  Euro per m³
Black Ofram 220
Black Ofram Kiln dry 313
Niangon 500
NiangonKiln dry 565

 

Domestic Log Prices

Ghana logs
    US$ per m³
  Up to 80 cm  80cm+
Wawa 150-160 163-180
Odum Grade A 169-174 178-188
Ceiba 110-125 130-145
Chenchen 94-105 109-123
Khaya/Mahogany (Veneer Qual.) 112-123 126-145
Sapele Gradea A 146-155 161-185
Makore (Veneer Qual.) Grade A 132-138 140-166
Ofram 107-115 126-135

 

Export Sawnwood Prices

Ghana Sawnwood, FOB US$ per m³
FAS 25-100mm x 150mm up x 2.4m up Air-dried Kiln-dried
Afrormosia 855 945
Asanfina 480 544
Ceiba 210 255
Dahoma 322 395
Edinam (mixed redwood) 370 450
Emeri 355 450
African mahogany (Ivorensis) 582 638
Makore 558 620
Niangon 513 600
Odum 611 715
Sapele 559 648
Wawa 1C & Select 269 319

 

Export Rotary Veneer Prices

Rotary Veneer 2mm and up,
FOB
€ per m3
CORE (2mm & up) FACE (2mm & up)
Ceiba 293 339
Chenchen 320 356
Ogea 322 354
Essa 326 355
Ofram 320 357

 

Export Sliced Veneer Prices

Sliced Veneer, FOB € per sq. m
  Face Backing
Afrormosia 1.32 1.04
Asanfina 1.45 0.91
Avodire 1.22 0.72
Chenchen 0.81 0.50
Mahogany 1.30 0.80
Makore 1.32 0.70
Odum 1.88 1.00

 

Export Plywood Prices

Plywood, FOB € per m3
Ceiba Ofram Asanfina
4mm
427 600 648
6mm
420 610 622
9mm
360 438 475
12mm
361 430 439
15mm
317 378 368
18mm
305 363 364

Grade AB/BB would attract a premium of 10%, B/BB 5%, C/CC 5% and CC/CC 10%.

Export Added Value Product Prices

Parquet flooring 1st FOB € per sq.m
  10x60mm 10x65-75mm 14x70mm
Apa 12.60    15.00    18.33
Odum 9.00    11.20    12.40
Hyedua 14.08 14.00 18.45
Afrormosia 14.30    18.65    18.33

Grade 2 less 5%, Grade 3 less 10%.

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