India on Friday called upon Ghana to ink the Bilateral Investment Promotion and Protection Agreement (BIPPA) to enhance the trade and economic engagement.
India's desire was conveyed by visiting Union Commerce and Industry Minister Anand Sharma to Ghana's Finance Minister Kwabena Duffuor in Accra.
In 2002, Ghana had agreed to sign BIPPA with India but had not ratified the treaty as yet.
Mr. Sharma also met Ghana's Foreign Minister Alhaji Muhammad Mumuni and discussed with him the need for developing an enduring partnership. Ghana is one of the highest recipients of the lines of credit from India. India is engaged in executing seven projects worth $193 million in Ghana. The Ghanaian Minister emphasised on the need for partnerships between the two countries in energy including oil and gas, pharmaceuticals and information technology sectors.
The recent oil and gas finds in Ghana have added a new dimension to the potential partnership between the two countries. Last September, Ghana National Petroleum Corporation Chairman Ato Ahwoi had visited India as a Special Envoy of the President and had called on Prime Minister Manmohan Singh following which a memorandum of understanding was signed between the two governments for an estimated investment of $1 billion to set up a 1.15-million tonnes fertilizer plant.
Mr. Sharma will also chair the ‘Business Round Table' along with Ghana's Trade and Industry Minister Hannah Tetteh and hold discussions with her. Bilateral trade between India and Ghana stands at $535 million after reaching a high of nearly $1billion in 2007-08.
Correction
(The caption of the photograph accompanying the report, “Efforts to enhance trade ties with Ghana” (Business, September 4, 2010), described the country as a South African nation. Ghana is in West Africa.)
