The Hindu : Ghana seeks greater economic cooperation

Online edition of India's National Newspaper
Tuesday, Aug 06, 2002

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Ghana seeks greater economic cooperation

By Our Special Correspondent

NEW DELHI AUG. 5. Calling for closer cooperation between India and his country, the President of Ghana, John Agyekum Kufuor, said today that Ghana could serve as a gateway for the India business community for tapping the vast and open markets in the U.S. and the European Union.

Addressing a meeting jointly organised by the Confederation of Indian Industry and FICCI, he

pointed out five specific areas where he saw scope for tremendous cooperation between the two countries. These areas were infrastructure development including roads, energy, communications with emphasis on IT; modernisation of agriculture; social services with emphasis on health and education; good governance; and private sector development.

While asking the captains of Indian industry to invest in Ghana, he said his country offered a favourable and safe business environment. It had also tackled the problem of inflation which has now been brought down from 42 per cent in 2000 to 15 per 2002. The bank interest rates too have fallen from 52 per cent to 26 per cent.

Mr. Kufuor said that India could also help Ghana in the development of information technology, food security, agro-based products, pharmaceuticals and infrastructure development such as rural electrification. To keep alive the level of cooperation and to give boost to trade and investment, Ghana, he said, was also planning to sign a Memorandum of Understanding with India. While Arun Bharat Ram, Chairman, CII International, referred to initiatives taken by his organisation to strengthen economic and investment partnership between the two countries as well as its plan for another sectoral delegation to Ghana later this year, the FICCI vice-president, Y. K. Modi, pointed out the blocks in way of growth in trade. He expressed the hope that these would be removed to boost exports to Ghana.

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