Ghana calls for bigger Indian role to boost industry

Ghana is seeking more financial assistance from India to promote 'one district one factory' programme in the African country, a diplomat said here today.

"China is very active in Ghana and offering financial support in a big way. They have offered USD 10 million support fund and another USD 400 million for trade support. India is also supporting but it is not big. China has a lot of interest in one district one factory programme," High Commissioner of Ghana in India, Michael A N N Oquaye Jnr said here today.

"We are trying to have a dialogue with India for greater support for Indian companies in this programme acknowledging India's support for the country," he said at an interactive session at the Merchants' Chamber of Commerce & Industry here today.

Ghana is planning to have at least one factory in more than 100 districts to support processing local produce besides creating local jobs and stabilising the domestic currency.

The Ghanaian Cedi has been plunging owing to the country's soaring deficits.

One of the chamber member pointed out the difficulty of financing business in Ghana even after obtaining the requisite approvals.

Oquaye Jnr said the programme will be reviewed in the next two years, depending on its progress.

He also said there was no impact of Nirav Modi scam on gold trade with India.

Gold comprises a majority of Ghana's total export to India.

Ghana is also creating a few industrial parks of which one being the pharma park to promote pharmaceuticals manufacturing in the country and expects a lot of interest from Indian companies.

Indian companies are active in Ghana and are involved in over 600 projects. The total foreign direct investment from India was estimated at USD 998 million between September 1994 and September 2014, he said.