Country’s exports to India grows at an average of 17%
THE country exported goods worth $1.18 billion to India in 2020.
The main constituents of these exports were Gold, Nuts (mainly cashew) and Crude Petroleum, respectively accounting for $853M, $139 million and $92.8 million.
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India, on the other hand, exported mainly packaged medicaments, packing bags and rice which amounted to $102 million, $36.6 million, and $27.3 million, respectively.
A Deputy Minister of Trade and Industry, Michael Okyere Baafi, disclosed this at the India Africa ICT Expo 2022 in Accra last Wednesday.
“It is worthy of mention that for the past 25 years, the exports of Ghana to India have increased at an annualised rate of 17.2 per cent from $22.2 million in 1995 to $1.18 billion in 2020.
The exports of India to Ghana, on the other hand, have increased at an annualised rate of 14.2 per cent from $27.3 million in 1995 to $749 million in 2020,” he said.
The figures, he said, demonstrated the importance of the expo, hence conversations between the two countries should be elevated to focus on the exchange of more manufactured products.
Mr Baafi said it was also a fact that industrial technologies were the main driving forces of the modern industrialisation process.
“That is why I believe this expo has come at an opportune time for Ghanaian Industries.
Given the accelerating pace of technological development in industry and India’s position as a giant in technology, I implore the Ghanaian Business Community to take advantage of this expo to expand their technologies,” Mr Baafi said.
Creation of ecosystems
The Indian High Commissioner to Ghana, Sugandh Rajaram, described the relation between the two countries as good and one with a common vision.
He said the exchange of business delegations in recent years had led to an increase in investments by Indian companies to Ghana.
“India is among the top-five trading partners of Ghana and is the largest destination for Ghanaian exports. India’s major exports to Ghana include pharmaceuticals, agricultural machinery, transport vehicles, electrical equipment, plastics, iron & steel, ethyl alcohol, beverages & spirits, cereals and made-up textiles,” he said.
Mr Rajaram called for strong collaboration between both countries to help drive efforts that would make Ghana, Africa’s ICT hub and a major player within the African Continental Free Trade Area (AFCFTA).
For his part, the Deputy Chief Executive Officer of GEPA, Samuel Dentu, said “GEPA recognises the fragmented nature of the technology industry, especially at the SME level, which obviously affects lateral and vertical growth.
He described the event as a timely and strategic one as it offered participants the opportunity to learn from India’s monumental strides in Information Technology (IT) and IT-enabled services, both on the development and promotion fronts.
“Our tech firms, for good measure, also stand to benefit from this collaboration,” he added.
Side bar
- The India Africa ICT Expo aims to promote eco-systems of digital transformation, and forever change the way of seeing things and doing business across Africa.
- Organised by the Telecom Equipment and Services Export Promotion Council (TEPC), it brought together professionals, entrepreneurs and students in the technology space to enlighten and give them the avenue to explore other business opportunities.
- Over 20 technology companies were also given the opportunity to showcase their products to the public.
- Some supporting partners were the Department of Telecommunications at the Ministry of Communications in India, High Commission of India in Ghana, World Trade Centre, Accra, Ghana National Chamber of Commerce and Industry, Ghana Export Promotion Authority (GEPA), Ghana Investment Promotion Centre (GIPC) and the Association of Ghana Industries (AGI).