With China at the back of its mind, India intends to expand its bilateral trade with Ghana from $3 billion to $5 billion in the next three years.
This was agreed upon during the three-day maiden visit of President Pranab Mukherjee to the west African country.
Ghana was the first stop of Mr. Mukherjee’s three-nation Africa tour. Though India has a strong presence for decades with a sizeable diaspora and business community engaged in trade for decades in Africa, it is way behind China in investments in key infrastructure sectors.
After the hosting of the 3rd India Africa Forum Summit (IAFS) in New Delhi in October 2015, India is working symmetrically on a plan to consolidate and further strengthen its engagement with Africa.
India’s cumulative investments in Ghana hover around $1 billion, whereas bilateral trade is worth $3 billion in 2015-16.
At the delegation-level talks, both sides conceded that though bilateral trade and investments have been steadily growing, these were still below potential. They acknowledged the need to take up mutually beneficial projects such as a joint fertilizer plant, with an emphasis on greater value-addition.
A joint statement issued at the end of Mr. Mukherjee’s visit said the Government of Ghana conveyed its deep appreciation of India’s concessional developmental assistance by way of grants and Lines of Credit, in particular, its support for major socio-economic projects such as Komenda Sugar Plant and Elmina Fish Processing Plant. India has also approved a Line of Credit for setting up a Foreign Policy Training Institute.
It was agreed that India would establish a Chair on Indian Studies in the University of Ghana, Accra. It will be funded by the Indian Council for Cultural Relations.
In the course of his visit, the President paid floral tributes to Ghana’s first President Kwame Nkrumah at his Mausoleum in Accra, and unveiled the statue of Mahatma Gandhi, in the University of Ghana. He planted a sapling at the Flagstaff House, the iconic presidential complex built with Indian assistance.
From Ghana, Mr. Mukherjee leaves for Ivory Coast.
