Abstract
The study evaluates the efficiency of forestry policy implemented in Ghana, where about 70% of the population depends on forest resources for livelihood and cultural purposes. It sought to assess how efficiently forestry policy had been implemented in Ghana, to inform policy on how benefits of forestry policy could promote inclusive growth. It employs an inclusive wealth framework to ascertain the social opportunity cost due to forestry policy implementation in Ghana, an indicator of the economic welfare effect of the policy. The results show negative net divergence in revenue due to forestry policy implementation, indicating a distorting influence of forestry policy on Ghana’s forestry sector, creating increasing inefficiency. Computed summary ratios – Nominal Protection Coefficient, Effective Protection Coefficient and Subsidy Ratio to Producers, confirmed that forestry policy implementation in Ghana had induced lower economic welfare in the country. Ghana will need to apply the holistic model, with special emphasis on the economic and social subsectors to ensure that implemented forestry policy leads to inclusive growth.Keywords: Efficiency, Forestry policy, Ghana, Inclusive growth, Policy analysis matrix
Highlights
Natural capital has been widely recognised as a crucial component of the total wealth of nations (Gundimeda & Atkinson, 2014)
The extent of private profitability indicates that investors will continue to be attracted to the forestry sector in Ghana to benefit from existing profits
The study evaluated the efficiency of forestry policy implemented in Ghana, which has about 70 per cent of its population depending on forest resources for livelihood and cultural purposes
Summary
Natural capital has been widely recognised as a crucial component of the total wealth of nations (Gundimeda & Atkinson, 2014). Evidence on this role necessarily involves evaluation of natural capital policy as a tool for inclusive growth This implies an examination of changes in human wellbeing as a result of policy induced changes in natural capital. Forestry policy in Ghana has provided for forest conservation, protection of water bodies, the provision of favourable conditions for cultivation of agricultural crops, and the promotion of public education and research since 1948 (Ghana Forestry Commission, 1994) In spite of these policies and interventions, the destruction of the country’s natural forests continues at an alarming rate of about 2% per annum (Boon et al, 2009; Ghana Forestry Commission, 2012)
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