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Business News of Wednesday, 6 February 2013

Source: citi fm

Ghana will meet EU deadline on timber regulations

Minister for Lands and Natural Resources, Alhaji Inusah Fuseini has told Citi Business News the country will meet the European Union’s (EU) deadline which prevents the export of illegal timber to their markets.

The EU will by March 3, 2013 institute a regulation that prohibits the introduction of illegal timber to the EU Market.

The legislation will require that due diligence is applied to all timber, first placed on the EU market.

Also, it will require traders down the supply chain to keep track of where the timber products were bought from and where applicable, who they were sold to.

Minister for Lands and Natural Resources, Alhaji Inusah Fuseini told Citi Business News Ghana will meet the deadline.

“The ministry is part of the voluntary partnership agreement between the timber exporting countries to ensure that illegal timber is not exported unto the EU market; this is as a result of the fact that EU mindful of global warming does not want it citizens to contribute to the phenomenon by purchasing illegal timber, which is a major contributor.”

He added that “Ghana is working with EU to ensure that the timber species that are harvested here meets the forest laws; Ghana is working to meet the deadline.”

Meanwhile, Citi Business News has gathered that though penalties for not complying with the law have not been decided yet, it may include fines, seizure of the timber and immediate suspension of authorization to trade.