The effects of log export ban (LEB) policy and dynamics of global tropical timber markets on the growth of Ghanaian timber industry were studied. The purpose was to follow the trend in the growth of timber industry from 1984 to 2005 using Fisher index and semi-log regression analysis. The study showed that the volume of plywood, veneer, and processed wood exported before the period of 1984–1995 and during the LEB policy (1996–2005) was, respectively, 6% and 46% of the total exports during those periods. On the contrary, the aggregate price index of all products exported before the LEB policy was up by 129% compared to −3.9% for the period during the LEB policy. A further decline in prices of the most products exported during the LEB policy was found by the study. Thus even though an LEB policy could increase volume share of value-added products, it cannot guarantee growth in prices of wood products.