Ghana and India discuss trade at the fourth JTC meeting

Trade officers from both Ghana and India met to begin the Joint Trade Committee (JTC) meeting live in Accra. This is to enhance bilateral business and ties between the two countries.

What resulted in the establishment of the  Joint Trade Committee was a 1981 trade agreement signed by both countries, Ghana and India.

The agenda for JTC’s recent meeting, which is it’s 4th session, features dialogues about potential partnerships in the pharmaceutical industry, IT, Digital infrastructure, agriculture and even capacity building.

During the opening session, Co- chair of the JTC meeting who also holds the position of Deputy Minister of Trade and Industry Micheal Okyeame Baafi addressed the attendees, remarking the long-standing relationship between both countries, which predate’s Ghana’s independence.

He emphasizes that this relationship was formed on mutual respect and a common drive.

“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.

Mr. Micheal Baafi took note of how the last JTC meeting ended.

ALSO READ: [VIDEO] Soldier shot dead at Kasoa over alleged land dispute

The last JTC meeting was held on July 21, 2022 in New Delhi. The last meeting is what led to the Ghana’s apt balance of trade surplus in the year 2023. He stated that the establishment of African Continental Free Trade Agreement (AfCFTA) gave India the way to leverage on Africa’s large 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.

One of the most impactful investors in Ghana’s economy is India. India’s portfolio delves into the  construction industry, pharmaceutical industry, manufacturing, trading and agro-processing industry too.

In 2021 alone, India emerged as the second largest investor when it came to project count. This was by it holding 25 projects. It trailed China, and the third Singapore plus Australia in terms of Direct Foreign Investment which amount to about 100 million US dollars.

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 explained.

Mr. Shri hoped today’s meeting with Ghana increases trade ties to mutually benefit both of them.

So when was the first Joint Trade Committee meeting held and where was it? Well, The first Joint Committee meeting was held in Accra in September 1992, but the second meeting was held in Delhi on January 20 and 21, 2011.

The third meeting, as stated earlier, was held in New Delhi on 21 July 2022, where Mr. Micheal 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.

Share Our Post on the Topic ‘Ghana and India discuss trade at the fourth JTC meeting’.

To Read More Stories, Click Here.