Business News of Wednesday, 6 November 2024
Source: thebftonline.com
Ghana is finalizing preparations for issuing Forest Law Enforcement, Governance, and Trade (FLEGT) licenses in collaboration with the European Union (EU), aiming to reduce illegal timber trafficking and annual revenue losses of $200 million.
FLEGT, an EU initiative introduced in 2003, tackles illegal logging by ensuring that timber products meet legal and environmental standards.
Ghana’s FLEGT licensing will exclude the UK, which is establishing its regulatory framework. Civil society organizations, such as A Rocha Ghana, emphasize the urgency of this initiative to protect Ghana’s credibility in the international timber market and sustain the forestry sector’s economic contributions.
The signing of an Aide Memoire by Minister Samuel Jinapor will solidify the agreement, advancing Ghana’s timber trade and supporting job retention and economic stability amidst challenging times.