I'm not a biologist or organic chemist but I believe driftwood would lower pH, if anything. The tannins are acidic (tannic acid) and pH below 7 means water is acidic, above 7, it is alkaline.
But nutcase is right that South American cichlids would normally find roots, wood, leaves, and all other manner of organic matter in their water. So if it is South American cichlids in your tank then they would appreciate the driftwood. However, African cichlids come from an environment with more alkaline water and driftwood probably wouldn't be as beneficial.