The trade turnover between India and Ghana has crossed the $1 billion mark, levelling at $1.2 billion at the end of last year after a staggering 63 percent growth - possibly one of the largest for any African nation - and is set to rise even further, the Indian mission here says.
"For the first time, the total trade between the two countries has crossed $1 billion and there exists much more potential to take the India-Ghana commercial engagement further to mutual advantage," a statement from the Indian High Commission said.
"This is an increase of over 63 percent over the previous year," the statement said, adding: "India’s exports to Ghana stood at about $800 million against imports of about $404 million."
India’s exports to the West African nation, with which it has had a long and historic relationship dating back to the time of its independence leaders Jawaharlal Nehru and Kwame Nkrumah, comprise mainly pharmaceuticals, agricultural machinery and items such as steel and cement required for infrastructure development.
India’s export strategy, the statement said, is aimed at helping Ghana establish developmental projects with a combination of investments, grants and loans, complemented by projects and exports to provide inputs for these projects and not to dump cheap products.
“We see Africa as being the hotbed or ground zero for some interesting technological advances,” Malcolm added.
“Some of the things that are happening here in Africa, happened here first… We are talking about mobile money transfers, definitely. I am also talking about what we call account based money transfers, so where a person with a bank account can send or receive from their bank account or into their bank account.”
Malcolm said the company is also working with a bank in Kenya, where it will be announced soon that the bank has introduced the ability to receive Western Union transactions from its ATMs.