Trade between Ghana and India is on the path of recovery after plummeting in 2020 as a result of the COVID-19 pandemic.
After dropping by nearly a half from the shocks of the pandemic, trade volumes between Ghana and India, which stood at $4.5 billion before the pandemic, recorded about 15 per cent gains from $2.3bn to settle at a current value of $2.7bn.
These were made known by Mr Sugandh Rajaram, India’s High Commissioner to Ghana, at a formal reception in Accra Monday night to mark India’s 75th independence anniversary.
Mr Rajaram said businesses were showing resilience after the pandemic and expressed hope that trade between India and Ghana would hit the $5bn mark in the immediate future.
“India has been one of the largest trade and investment partners of Ghana. Before the pandemic, we had achieved more than $4.5bn of bilateral trade.
“But during the pandemic, the whole trade was almost halved to $2.3 bn. But post pandemic, even after the challenges, we have increased our bilateral trade by 15 per cent to $2.7bn dollars,” he said.
Mr Rajaram described Ghana as India’s “close friend and partner.”
“From brothers in arms in our struggle against colonial operation, India and Ghana have worked together in our nation relief efforts in each other’s countries,” he said.
He said Indian businesses had stepped up efforts to export their crops, technologies, skills and services to Ghana.
Mr Rajaram said last year, India increased its export to Ghana by more than 30 per cent from $850m to $1.1bn dollars.
Mr Alan Kyerematen, the Minister for Trade and Industry, said the efforts of the founding fathers of Ghana and India led to strong bond of friendship between Ghana and India, which had been sustained for decades.
He said Ghana was one of the top three African recipients of India’s Line of Credit, adding that India had been participating in Ghana’s development by providing assistance in setting up projects in the country.
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“These investments have undoubtedly contributed immensely to the Ghanaian economy with the creation of employment for Ghanaians and the strengthening of the private sector,” Mr Kyerematen said.
He urged Indian manufacturing industries in Ghana to take advantage of the African Continental Free Trade Area (AfCFTA) agreement to expand their trade on the continent.
Source: Ghanaian Times