The West African nation Ghana, which gained independence as the first sub-Saharan nation has invited Indian organizations in the capacity of mineral refining including bauxite among other minerals like gold, lithium, diamond, crude oil and manganese. to explore investment paths.
Kwaku Asomah-Cheremeh, the High Commissioner of Ghana in India, while speaking at an interactive session organised by MVIRDC World Trade Center, Mumbai and All India Association of Industries said, “We are willing to offer mining leases and export licenses for refining gold and other raw materials to Indian companies.”
The High Commissioner further added, “Indians have already set up business in timber, teak, cashew processing, steel manufacturing and IT sectors. The African nation has a fair and transparent judicial system and it ranks first in ease of doing business in West Africa and fifth in Africa.”
Ernest Nana Adjei, the Minister Consular of Political and Economic, Ghana High Commission stated, “Indian companies can get a 10-year tax holiday by investing in free zones and exporting at least 70% of production.”
As per projection by International Monetary Fund (IMF), Ghana's economy which ranks first in gold mining in Africa and globally seventh is anticipated to grow 5.1% from 2021 to 23.
Vijay Kalantri, the Chairman of MVIRDC WTC Mumbai and President, AIAI said, “It is time India launched an ‘Act Africa’ policy on the lines of Look East Policy and Look South Policy. India and Japan can also collaborate to become 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’ investments are not enough to support that country’s growth potential.”
The Chairman also notified that the present bilateral trade level of USD 2.4 billion is low and it can be diversified away from gold, cocoa and diamond.
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