Trade officials from Ghana and India have begun the fourth session of the Joint Trade Committee (JTC) meeting in Accra, to strengthen bilateral trade and economic ties between the two nations.
A bilateral trade agreement signed in 1981, which resulted in the establishment of JTC, has long functioned as a conduit for growing trade and investment between the two countries. The agenda for this fourth session featured discussions about potential partnerships in the pharmaceutical industry, information technology, digital infrastructure, agriculture, and capacity building.
Addressing the opening session, Mr Michael Okyere Baafi, Deputy Minister of Trade and Industry and Co-Chair of the JTC, remarked that Ghana and India’s long-standing relationship, which predates Ghana’s independence, was founded on mutual respect and common 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,” he said.
The Deputy Minister observed that outcomes of the third JTC meeting, which was convened on July 21, 2022, in New Delhi, contributed significantly to Ghana recording a balance of trade surplus in 2023. He stated that the implementation of the African Continental Free Trade Agreement (AfCFTA) gave India an excellent opportunity to capitalize on the continent’s huge market.
“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,” he said.
India is one of Ghana’s major investors, with portfolios spanning pharmaceuticals, construction, manufacturing, trading, and agro-processing.
In 2021, India was the second largest investor in terms of project count, with 25 projects, trailing only China, and the third after Singapore and Australia in terms of Foreign Direct Investment amounting to US$ 98.84 million.
Mr. Shri Amardeep Singh Bhatia, Additional Secretary, Department of Commerce, stated that there are many opportunities for Ghana in India, which has the world’s fifth largest economy and the largest population, the majority of whom are young.
“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,”
He was hopeful that the meeting would spur increased trade between the two countries. The first JTC meeting was held in Accra in September 1992, and the second took place in Delhi on January 20 and 21, 2011. The third meeting of the JTC was held in New Delhi on 21 July 2022, where Mr. Baafi led the Ghanaian delegation.
India’s FDIs constituted 7.61per cent of Ghana’s total FDIs of US$ 1.3 billion in 271 projects in 2021. Historically, between 1994 and 2021, Indian wholly-owned companies and joint ventures invested US$ 2.2 billion in 870 projects, according to the Ghana Investment Promotion Council.