Bilateral trade with India jumps to 26% in a decade

Ghana-India trade is valued at US $ 4.5 billion

Bilateral trade between Ghana and India has jumped 26% over the past decade, from US $ 1.2 billion in 2011 to more than US $ 4.5 billion, the minister said. ‘Food and Agriculture, Dr Owusu Afriyie Akoto.

Although Ghana’s main exports to India include raw cocoa, nuts and wood products, with gold accounting for nearly 80 percent of exports to this country, these products have little or no value. added value.

India, on the other hand, has focused more on value-added exports to Ghana, with products comprising pharmaceuticals, agricultural machinery, transport vehicles, electrical equipment, plastics, iron and other products. steel, ethyl alcohol, beverages and spirits, grains and textiles. .

According to the United Nations COMTRADE International Trade Database, Ghana’s imports from India amounted to US $ 582.2 million in 2019.

Machinery, nuclear reactors and boilers accounted for the highest volume of imports, valued at US $ 121.97 million, with pharmaceutical imports coming second with a total value of US $ 80.66 million in 2019.

The Minister, bringing together Indian investors and others to seek investment opportunities in Ghana’s agricultural sector, said: “Ghana presents one of the best opportunities in Africa for a successful and lasting partnership in investment. agricultural, adding: hard to beat anywhere in Africa.

Dr Afriyie Akoto was speaking at the inaugural session of the India-Africa Agriculture and Food Processing Summit 2021, which was held recently and on the sub-theme “Promoting sustainable partnerships”.

The event was expected to form synergies between the two countries as part of efforts to boost productivity in the agricultural sector in order to strengthen food security systems.

Although bilateral relations between the two countries began since independence, the current relations between Ghana and India have since flourished, resulting in huge trade and development cooperation programs in various sectors.

“The government was convinced that the private sector was the key to the country’s transformation agenda for agriculture and, therefore, strategic partners whose investment along the agricultural value chain is vital for success,” he said. he declared.

Nonetheless, the devastating effect of the COVID-19 pandemic on the global agricultural sector has come as a wake-up call to reach consensus and take action to ensure the sustainability of the entire food system, from production for consumption.

“Fostering partnership with India in the field of agriculture and food processing is very strategic for the growth and modernization of our agriculture. Without a doubt India is a giant in agriculture and food processing and Ghana certainly has a lot to learn from you, ”he said.

The summit was an opportunity to share valuable experience to inform responses to the global call within the framework of the United Nations Summit on Food Systems held on Thursday, September 23, 2021 during the General Assembly of United Nations in New York.