India Pledges Support to Accra's Development

Indian President Dr A.P.J. Abdul Kalam on Monday pledged India's readiness to be a partner to Ghana on the road to economic development, good governance, prosperity and improvement in the living standard of the people.

He said India also looks forward to expanding its co-operation to regional bodies such as ECOWAS in which Ghana has played a leading role especially in peacekeeping and the harmonisation of the economies.

President Kalam made the pledge when proposing the toast at a State banquet held in honour of President John Agyekum Kufuor and his wife Theresa on their four-day state visit to India.

He said the government's victory in the 2000 elections and the smooth transition had firmly established Ghana as a mature democratic country, which others should follow.

Replying the toast, President Kufuor said Ghana would like to study the remarkable achievements of India in agriculture, especially in the area of food production on large scale and its great strides in Information Communications Technology.

He said Ghana has also taken due recognition of India's industrial and commercial achievements in electronics that have made her competitive in the production and marketing of households appliances, industrial equipment and pharmaceuticals.

At a meeting with the Indian Business Community earlier, President Kufuor said government's commitment to sound fiscal discipline and the rule of law are the attributes of safe and guaranteed investments in Ghana.

He said, "We have all the ingredients in place to make Ghana an attractive destination for international capital".

The meeting was jointly organised by the Federation of Indian Chambers of Commerce and industry (FICCI) and the Confederation of Indian Industry (CII).

The FICCI established in 1927 currently with a membership of over 500 Chambers of Commerce, Trade Associations and Industry, is moving to bring about the integration of the Indian economy into the global mainstream.

President Kufuor said the establishment of the International Advisory Council on Investment for Ghana, supported by the IMF marks a fundamental shift from the traditional role of the IMF only policing fiscal and macro-economic management to promoting capital investment.

"This was occasioned by the Fund's changing attitude to help direct inflow of capital into developing countries that show discipline in their economic management." President Kufuor said, "the success stories of countries that are managing to break through from developing to developed countries status within one generation clearly show that it is not so much aid or donor generosity that makes the difference. It is rather the inflow of capital which helps to form an indigenous investment base that makes the difference".

He said government has planned a 100-kilometre canal project in the Accra Plains and invited investment into that sector.

Mr Yogendra Kr. Modi, Vice President of FICCI, said President Kufuor became a President with impeccable credential and unique experience in Ghana's history.

He said under President Kufuor's enlightened, creative and experienced leadership, Ghana would enter into a new orbit of growth. He said India is keen to participate in Ghana's efforts to modernise its infrastructure in telecommunications, rural electrification or provision of good health care delivery services and in the agro-processing sector.

India exported goods worth 58.3 million dollars to Ghana in 2000-2001 and imported 26.5 million dollars worth from Ghana.

Between 2001-2002 exports from India to Ghana was 66.3 million dollars and imports from Ghana to India was 19.6 million dollars.