Ghana Is Destination of Choice for Teak Market - Information Minister

8 September 2022

The Minister for Information, Mr Kojo Oppong-Nkrumah, has wooed investors looking to explore the teak market to consider investing in Ghana.

He said Ghana is a leader in the teak market in Africa and was focused on building a stronger teak industry capable of creating jobs to promote the socio-economic development of the country.

The Minister, who represented the Vice President, Dr Alhaji Mahamudu Bawumia, at the opening ceremony of the 4th World Teak Conference in Accra on Monday, said the global market value of teak was estimated between $400 and 600 million dollars.

He expressed optimism that the outcome of the conference would guide global leaders on how to utilize the endless possibilities of teak.

"For a product that takes between 10-25 years to reach its market potential, it requires tenacity, clarity with interventions, policy coherence and sustainability measures to survive when producing it.

In a related development, the conference has come to an end with Ghana handing the baton to India to host the 5th conference in 2025.

Mr Benito Owusu-Bio, Deputy Minister for Lands and Natural Resources in charge of Lands and Forestry, congratulated the organizers and the Local Organizing Committee on a successful conference.

The 4th World Teak Conference, which was aimed at promoting responsible teak trade, marketing and tree improvements, was themed 'Global Teak Market; Challenges and Opportunities for Emerging Markets and Developing Economies.

It attracted delegates from 31 countries in Africa, Asia, Europe, North America and South America representing governments, policymakers, the private sector, academia and professionals.

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