Ghana-India trade volumes hit US$3.6 billion in 2017 but Ghana’s High Commissioner to India, Mr. Mike Ocquaye jnr is upbeat the figure will jump to US$5 billion by 2020.
Data from the Ghana investment promotion Centre, GIPC indicates that in 2017 India became the second largest investor in Ghana’s economy, that is in terms of numbers with 800 investment after China. But with regards to volumes it’s the 9th largest investor in Ghana with China sitting at the top of the investment league in Ghana.
Ties between Ghana and India dates back in colonial days but was deepened after independence in 1957 with President Nkrumah and Prime Minister Nehru leading the Non- Aligned Movement, NAM. Since then almost every democratically elected leader of Ghana has visited India with Dr Kwame Nkrumah in 1961, President Rawlings in 1998, President Kufuor in 2004, President Mahama in 2014 and President Akufo -Addo in March 2018. President Akufo Addo attended the International Solar Alliance, (ISA) conference and he ratified the ISA framework agreement which seeks to scale up solar energy investment in developing countries. The jubilee house presidential project was financed by India at a cost of 139 million dollars and in early this year, the Indian government donated one million dollars towards the renovation of the presidential palace. On the infrastructure front, the Indian Eximbank has injected 398.33 million dollars into the design and construction of the railway line Tema-Akosombo. AFCON, an Indian company won the 84 – kilometre railway project. The 34-million dollar Komenda sugar factory project was also financed by Eximbank of India. In October 2016 an India firm signed 1.2 billion dollars agreement to produce fertiliser in the western region. Ghana exports cashew nuts, scrap metal, cocoa beans and wood to India while India exports pharmaceutical products, automobiles, ICT products, rice and sugar among others. The trade balance is in favour of India. Airtel, Tata, Mahindra motors, Melcom, Bank of Baroda, are some of the Indian firms operating in Ghana.
Trade between India and Ghana amounted to US$818 million in 2010-11 increased to US$1 billion by 2013.[ Ghanaian exports to India consist of gold, cocoa and timber while Indian exports to Ghana comprise pharmaceuticals, agricultural machinery, electrical equipment, plastics, steel and cement.
India extends scholarship for the training of Ghanaian personnel in India through its Indian Technical and Economic Cooperation Programme and the Special Commonwealth Assistance for Africa Programme(SCAAP). India has trained over 1,100 Ghanaian students and professionals since the commencement of the programme.
India has also helped Ghana with expertise in IT and Communications (ICT) and helped develop the Tema Community Centre into a modern ICT facility.
The Ghana-India Kofi Annan Centre of Excellence in ICT is another result of India’s cooperation with Ghana in this field. The Centre for Development of Advanced Computing Ghana is also part of the Pan-African e-Network project initiated by India and Kwame Nkrumah University of Science and Technology has commenced degree courses in collaboration with institutions of higher education in India.
By Adu Koranteng