Gabon junta allows regulated logging of rare kevazingo tree
LIBREVILLE, Sept 1 (Reuters) -Gabon's junta has relaxed rules covering the rare kevazingo tree, allowing logging under certain conditions of a hardwood species that can take 500 years to grow to its full height of 40 metres (130 feet).
There is high demand in Asia for kevazingo wood, which is used to make chic tables and speciality guitars, among other things.
Gabon's previous government outlawed kevazingo cutting in 2018 due to trafficking. But a loophole permitted sales and exports of fallen trees left on the ground for at least six months, or seized from illegal loggers.
Exactly a year after the military seized power, the council of ministers on Saturday approved a decree allowing kevazingo to be logged in "sustainably managed concessions" tracked with a geo-referencing system.
A CITES permit regulating international trade in wild animals and plants will be required to export finished products.
"By promoting local processing, the decree stimulates the economic development of forest regions and creates new employment opportunities," the ministers said in a statement.
Forestry is a major industry in Gabon, where there are around 27 million hectares of forest cover, according to the United Nations, making it one of the world's most forested countries.
The last elected president, Ali Bongo, cast himself as an environmental crusader, banning raw wood exports and expanding protected zones after he succeeded his father in 2009 - continuing a family dynasty that exceeded five decades.
But Gabon remained a hub for poachers, illegal logging and illicit wildlife trade despite the efforts.
In 2019, Bongo fired his vice president and his forests minister after hundreds of containers of illegally logged kevazingo wood that had been seized went missing.
Reporting by Gerauds Wilfried Obangome; Writing by Sofia Christensen; Editing by Mark Potter
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.