Timber Exports yield $175m
Change attitude towards work- BOG official tells Banks
Timber Exports yield $175m
Kumasi (Ashanti Region) 27 August 2001
The timber industry earned about $175 million from the export of wood and furniture products last year. The country could have earned a total of $1.3 billion for the same period had the total volume of wood products exported by the timber industry been only finished products.
The total volume of wood products exported by the industry during the year under review was 498,843 cubic metres. Secondary wood products consumed 84 per cent of exported products with only 16 per cent coming from finished products.
The Ashanti Regional Manager of the Forest Services Division, A. A. Boadu, announced during the launching of the region's Mini Gifex exhibition in Kumasi on the theme, "Conserving Ghana’s Forest Through More Value added Wood Processing". Mr Boadu explained that last year the unit price of the various categories of wood products exported was $343 per cubic metre, whilst that of finished products fetched $2,587 per cubic metre.
He explained that Ghana would have earned $700 million if all the wood products that were exported were processed. Mr. Boadu said fairs, which showcase the value of wood products, should, therefore, be encouraged to create awareness on the need for the export of value added products.
He advised the Furniture and Wood Products Association of Ghana (FAWAG) and the Small Scale Carpenters Association (SSCA) to be more innovative and produce quality and valuable products that can meet international standards to generate much revenue for the country.
In an address the Ashanti Regional Minister, Mr Sampson Kwaku Boafo, urged furniture and wood producers to regard themselves as active partners with the government in the development and sustenance of the timber industry.
GRi../
Send your comments to viewpoint@ghanareview.com
Kumasi (Ashanti Region) 27 August 2001
An official of the Bank of Ghana (BOG) has called on commercial banks to change their attitude to work in order to get the economy on a sound footing.
Richard Addai Denteh, Deputy Manager at the Kumasi Office of BOG who made the call said the country's changing political scene must go with a change of attitude.
Speaking at the opening of a branch of Ecobank/Western Union Money Transfer scheme in Kumasi, Denteh said: ''We must change the way we work as individuals and as banks for the betterment of the economy."
He cautioned the banks against money laundering, saying it undermines the economy. Money laundering is the process by which people conceal the true origin and ownership of proceeds of their criminal activities.
If undertaken successfully, it allows the criminals to maintain control over those proceeds and ultimately to provide legitimate cover for their sources of information.
Denteh said for example, dirty money from drug trafficking, terrorism and serious crimes such as robbery and fraud was converted through the banking system to look good or respectable.
He said the most successful money launderers were apparently respectable people in society some of whom could be accountants, company directors and even bank managers.
Denteh, however, warned banks not to deny a customer service on the grounds of suspicion of money laundering, saying the best thing was to report suspected cases to the BOG.
He commended ADB/Western Union for pioneering and popularising foreign exchange remittances from Ghanaians abroad, which had contributed immensely in alleviating problems associated with money transfer from abroad.
"We at the Bank of Ghana welcome this partnership which we believe is just the beginning of more of such co-operations, especially as we encourage banks to come up with electronic means of payment which could be offered in partnership for efficiency".
Martin Poku, Area Manager of the Agricultural Development Bank (ADB) said Western Union Money Transfer had become synonymous with ADB, which had worked hard to keep the product growing.
He said as at now, ADB/Western Union have opened four branches in the Kumasi Metropolis at Adum, Asokwa, Bantama and the Asafo market and welcomed the new partnership with ECOBANK.
GRi../
Send your comments to viewpoint@ghanareview.com