India is avidly interested in investing in the oil opportunities presented in Ghana. Ghana started oil production in 2010 and at present produces up to 70,000 barrels per day.
At a 200 member trade delegation in Ghana, Commerce Minister Anand Sharma, stated that India is keen to develop in the hydrocarbon industry in Ghana with close co-operation.
The exhibition was organised by Economic Community of West African States (ECOWAS) in collaboration with the Federation of Indian Chamber of Commerce and Industry.
Ghana in partnership with the UK Tullow Oil started producing oil in the country’s Jubilee oil fields. India wants to play a part in the development of Africa as a whole and in the West African region.
Sharma prompted the Chambers of Commerce and Ghana to increase trade between the two from the present $20 billion to $40 billion annually by the year 2015. He stated that the positive growth between India and West African region is a symbol of India’s will to partner with Africa for further development of its continent.
Given the current trade between the West African region and India it is entirely possible to double the trade in the coming three years. The pan-African e-project is a major representation of the goodwill co-operation between the two. In the project 47 countries across Africa have been connected through internet and 17 universities have been connected to their counterparts in India.
Trade relations between Ghana and India are based on a solid bedrock of goodwill. Africa represents much opportunities for growth. It is also a good decision for India to invest in Ghana because the GDP of Ghana has grown by 14% this year. Ghana is also the most stable country in the region, so there is little risk involved.