BANGALORE, India MAY 9 -- The High Commissioner of Ghana, Mike Oquaye, today called upon Indian businesses to invest in joint venture projects in Ghana with Ghanaian partners as there was plenty of scope for collaboration.
Speaking at a seminar on "Business opportunities in Ghana" here, Mr. Oquaye said Indians had invested in 157 projects in Ghana from 1994 to 2002. Of them 55 projects ($ 15.62 million) were owned by Indians while 83 projects ($ 19.04 million) were joint ventures. Indians invested in 19 projects ($ 24.66 million) with partners of other nationalities, he said.
Indian technology in palm oil and salt production would be useful for Ghana. At present, Ghana was exploiting less than 12 per cent of its salt resources while palm oil production was based on traditional and outdated methods.
Between 1994 and 2002, the Ghana Investment Promotion Centre registered 1,393 private projects with an estimated capital outlay of $ 1.77 billion. There was huge potential in agriculture, food processing, information technology, real estate development, building construction, and tourism, the High Commissioner said.
The Government of Ghana would encourage joint ventures and 100 per cent foreign participation was allowed. The Government provided many investment incentives such as corporate tax of 8 per cent on non-traditional export income, 25 per cent for hotels, indefinite tax holiday for cocoa farming, and 100 per cent tariff exemption for production equipment. Imports by Ghana from India included pharmaceuticals, plastic tubes, and educational and scientific materials.
Recalling India's relations with Ghana since the Fifties, he said the two countries shared more or less similar economic features.
Like the Indian economy, agriculture was the backbone of Ghana, he said. Since Ghana's Independence in 1957, India and Ghana had harmonious political, economic, and social relations.
The presence of a large number of Indians in Ghana made it conducive for Indian businesses to invest in his country, he said.
Like India, Ghana was a democracy. Respect for human rights and presence of good institutions made it a better country for investment than some of the other African countries, Mr. Oquaye said.
The President of the Federation of Karnataka Chambers of Commerce and Industry (FKCCI), K.N.Jayalingappa, said Ghana was the third largest producer of gold in the world and it could exploit its gold reserves by using Indian expertise.
D.Muralidhar, Chairman, International Trade Committee, FKCCI, Kwasi Abeasi, and E.B.Ashong-Lartey of the Ghana Investment Promotion Centre were present.
The FKCCI organised the seminar.
