Trade officials from Ghana and India have kicked off the fourth session of the Joint Trade Committee (JTC) meeting in Accra, aiming to strengthen economic ties between the two countries.
The Joint Trade Committee was established following a bilateral trade agreement signed in 1981, acting as a key platform for boosting trade and investment between Ghana and India over the years.
During this fourth session, discussions centered around potential collaborations in key sectors like pharmaceuticals, information technology, digital infrastructure, agriculture, and capacity building.
In his opening remarks, Mr. Michael Okyere Baafi, Deputy Minister of Trade and Industry and Co-Chair of the JTC, highlighted the enduring relationship between Ghana and India, which dates back to before Ghana’s independence.
He emphasized the foundation of this relationship on mutual respect and shared interests.
“Ghana respects India very well… I always say that when you go to foreign missions in the world, our Indian building and location alone clearly shows that we have a good space in the heart of India.”
Michael Okyere Baafi
The Deputy Minister noted that the results of the third JTC meeting held on July 21, 2022, in New Delhi played a key role in Ghana achieving a trade surplus in 2023.
He highlighted that with the implementation of the African Continental Free Trade Agreement (AfCFTA), India has a great opportunity to tap into the vast market of the continent.
“We want India our best friend to be a beneficiary of this good news that is happening to Africa. We are looking at even getting an industrial framework that would situate our industries well.”
Michael Okyere Baafi
India stands out as one of Ghana’s significant investors, with interests ranging across various sectors including pharmaceuticals, construction, manufacturing, trading, and agro-processing.
India’s Robust Investments Fuel Ghana’s Economic Growth
In 2021, India ranked as the second-largest investor in Ghana by project count, with 25 projects, following China, and third in terms of Foreign Direct Investment (FDI) amounting to US$ 98.84 million, trailing behind Singapore and Australia.
Mr. Shri Amardeep Singh Bhatia, Additional Secretary of the Department of Commerce, highlighted the abundant opportunities for Ghana in India.
He noted India’s status as the world’s fifth-largest economy with a vast population, predominantly young, offering promising prospects for cooperation and growth between the two nations.
“The youth are very vibrant, dynamic, and innovative. Not only do we expect to contribute towards the Indian economy but also to the larger World in a positive manner.”
Shri Amardeep Singh Bhatia
He expressed optimism that the meeting would stimulate increased trade activity between Ghana and India.
The inaugural JTC meeting convened in Accra in September 1992, followed by the second meeting in Delhi on January 20 and 21, 2011. Subsequently, the third JTC meeting occurred in New Delhi on July 21, 2022, with Mr. Baafi leading the Ghanaian delegation.
In 2021, India’s Foreign Direct Investments (FDIs) represented 7.61% of Ghana’s total FDIs, amounting to US$ 1.3 billion across 271 projects.
According to the Ghana Investment Promotion Council, Indian wholly-owned companies and joint ventures have invested a cumulative US$ 2.2 billion in 870 projects from 1994 to 2021, underscoring a longstanding and substantial investment relationship between the two countries.
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