Ghana is the most politically stable country for the last 32 years in West Africa and it assures investment protection for Indian investors. I invite Indian companies to invest in Ghana by considering it as their motherland as cherish business ties since the times of Prime Minister Shri. Jawaharlal Nehru. Indian companies can invest in refining capacity in gold, bauxite, lithium, diamond, crude oil and manganese. We are willing to offer mining leases and export licenses for refining gold and other raw materials to Indian companies. Ghana has fair and transparent judicial system , it ranks first in Ease of Doing Business in West Africa and fifth in entire Africa. Already, Indians have set up business in timber, teak, cashew processing, steel manufacturing and IT sectors,” said H.E. Mr. Kwaku Asomah-Cheremeh, High Commissioner of the Republic of Ghana in India at an Interactive Meeting on ‘Doing Business with Ghana’. The event was organised jointly by WTC Mumbai and All India Association of Industries (AIAI).

The High Commissioner mentioned that Ghana is a land of opportunity and he is optimistic about exciting future. Ghana and India can collaborate in agro processing for food security, mining and refining of mineral resources.

Speaking on this ocassion, Mr. Ernest Nana Adjei, Minister Consular, Political and Economic, Ghana High Commission said, “It is time for strategic partnership and collaboration between India and Ghana. Even amdist the pandemic, Ghana economy is expected to grow 5.1% during 2021-23, as per IMF projection. Ghana government has come out with new automotive policy, One District One Factory policy for promoting industrialisation. Ghana ranks first in Africa in gold mining and 7th globally. It is the first west African country to produce Lithium, with annual production estimate of 2 million tonne. The country will produce 500,000 barrels of crude oil by 2024 per day. Ghana is the world’s second largest producer of cocoa beans, with annual production of 850,000 tonne. Indian companies can set up agro processing plant for value addition of cocoa beans into cocoa powder or paste for production of chocolate.”

Indian companies can get 10-year tax holdiay by investing in free zones and exporting at least 70% of production. Also, Ghana government offers 5-year tax holiday for young entrepreneurs/MSMEs/SMEs willing to collaborate with their counterparts in Ghana in manufacturing, ICT, agri-manufacturing and technology collaboration. Mr. Adjei further added, “We are inviting Indian investment in hospital building, pharmaceutical and medical device manufacturing, infrastructure and housing. Tourism, financial services and fintech are emerging areas of collaboration between both the countries.

Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai said, “It is time India launch an “Act Africa” policy on the lines of Look East Policy and Look South Policy. India and Japan can also collaborate a trilateral group with Africa to bring together the natural resource & labour of Africa, capital from Japan and expertise from India. India can be a promising business partner for Ghana as other foreign countries’ investment are not enough to support that country’s growth potential.”

Speaking about bilateral trade, Dr. Kalantri informed, “The current level of USD 2.4 billion bilateral trade is low and can be diversified away from gold, cocoa and diamond. Government of Ghana can provide land at low cost to Indian food processing companies for cultivation of crops and post-harvest processing. Indian agri-business companies can set up agro processing units in Ghana to meet local food security, increase exports and also generate jobs through value addition.”

Dr. Kalantri further added, “Ghana has untapped export potential in cashewnuts, cocoa beans, wood, cocoa powder and crude palm oil. Similarly, India can explore untapped export potential in rice, motor cycles, agro-chemicals, sugar, ceramics, textile and medical devices to Ghana.”

In his remarks, Mr. Premal Lokhandwala, Honorary Consul of the Republic of Ghana in Mumbai proposed to work with WTC Mumbai to promote bilateral relations by exchanging trade delegations between both the countries. The focus sectors of bilateral collaboration are: pharmaceuticals, ICT, gold mining, tourism, garment, textile, manufacturing and agriculture, he added.

The event was attended by members of trade and industry, financial institutions and academia.

Mr. Ajoykant Ruia, Vice Chairman, MVIRDC WTC Mumbai proposed vote of thanks for the event. He suggested collaboration between WTC Mumbai and Ghana in incubation of start-up enterprises.