India-Ghana Bilateral Trade

In an Interactive Session organised by MCC Chamber of Commerce & Industry (formerly Merchants’ Chamber of Commerce) today H.E. Mr. Robert Tachie-Menson, High Commissioner of Ghana in India highlighted on extensive scope of trade and investments in Ghana in areas of agriculture, infrastructure development, human resource development, health & education, oil, gas and energy. He also mentioned that enormous investment opportunity exists not only in cultivation but also in agro-processing, agricultural inputs like improved seeds, fertilizers & pesticides, animal feeds, floriculture, diary & poultry which are also entitled to tax holiday for 5-10 years. Ghana government has introduced Free Zone concept which provide 100p.c. exemption from payment of direct and indirect levies on all imports and exports, income tax holidays on all profits for 10 years, total exemption from tax on dividends, relief from double taxation. Such free zones do not require import license and subjected to minimum custom formalities, allows full ownership of shares to foreign investors, repatriation of dividends/ net profit. Ghana government envisaged to step up its electricity generation from 2000 MW to 5000 MW by 2015 and tremendous opportunities are available for Indian Companies for investment in electrical & engineering sectors, heavy industrial equipments for production, transmission & distribution and also in the manufacturing of consumer applications. Indian jute industry has very good scope in that country. In the health care, investment opportunities are available in setting up hospitals and clinics, laboratories, hospital equipments, drugs and pharmaceuticals. The tax holidays are granted to real estate for 5 years, agriculture & agro-processing for 5-10 years and waste processing for 7 years. Shri D.P.Tantia, Hon. Consul of Ghana in West Bengal said that Kolkata has very good connection for a long time as many players from Ghana have participated in Kolkata football clubs. Shri Ramesh Agarwal, Chairman, Standing Committee on Foreign Trade, MCCI, in his welcome address mentioned that bilateral trade between the two countries increased by 52 p.c. to US$ 818 mn. in 2010-11 from US$ 538 mn. during 2009-10. He said that India’s exports to Ghana were valued at US$ 658 mn. as against an import figure of US$ 160 mn, which is quite low. He informed that the trade target of 1 billion dollar has been envisaged by 2012-15 with special focus on steel, engineering, tourism and jute industries.