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Ghana calls for bigger Indian role to boost industry

Press Trust of India  |  Kolkata 

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

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

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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 19:15 IST