Ghana’s Deputy Minister Michael Okyere Baafi Invites Indian Investment for Growth
Ghana’s Deputy Minister for Trade and Industry, Michael Okyere Baafi, has called on India to invest in Ghana, emphasizing the country’s readiness to collaborate in various sectors such as agriculture, manufacturing, technology, and infrastructure development.
Key Points from the ASSOCHAM Commonwealth Champions Conference
Speaking at the ASSOCHAM Commonwealth Champions Conference in New Delhi, Baafi highlighted the unique and diverse nature of the Commonwealth, which represents nearly a third of the global population. He stressed Ghana’s commitment to strengthening trade ties within this community.
Reducing Trade Barriers
Baafi pointed out the need to reduce trade barriers that hinder the free flow of tools and services within the Commonwealth. He emphasized the importance of facilitating market access for Ghana.
Capacity Building and Technology Transfer
The Minister recognized the significance of capacity building and technology transfer in enhancing the competitiveness of Ghanaian industries. He called for greater collaborations in agriculture, manufacturing, and information technology.
Infrastructure Development
Baafi requested trade partner countries to support Africa in building critical infrastructures such as transport, energy, and digital infrastructure to unlock the full potential of the Commonwealth dream.
Education and Skills Development
He also expressed the need for partnerships in education and skills development, aiming to empower the youth of Ghana through expanded scholarships and vocational training initiatives.
India-Ghana Trade Relations
Ghana is a significant trading partner of India in Africa, with bilateral trade reaching USD 2.87 billion in 2022-23. India is a leading investor in Ghana, ranking as the third-largest investor, with investments spanning pharmaceuticals, construction, manufacturing, trade services, agriculture, tourism, and more.
Doubts Revealed
Ghana -: Ghana is a country in West Africa. It is known for its rich history, culture, and natural resources.
Deputy Minister -: A Deputy Minister is a government official who helps the main minister in their work. In this case, Michael Okyere Baafi helps with trade and industry in Ghana.
Investment -: Investment means putting money into something to make it grow. Here, it means India putting money into Ghana to help its economy grow.
Agriculture -: Agriculture is the practice of farming, growing crops, and raising animals for food and other products.
Manufacturing -: Manufacturing is making products in large quantities using machines. It includes making things like clothes, cars, and electronics.
Technology -: Technology refers to tools and machines that help us do things more easily and efficiently, like computers and smartphones.
Infrastructure -: Infrastructure includes basic facilities like roads, bridges, and buildings that help a country function smoothly.
ASSOCHAM -: ASSOCHAM stands for The Associated Chambers of Commerce and Industry of India. It is a group that helps businesses in India.
Commonwealth Champions Conference -: This is a meeting where people from different countries that were once part of the British Empire come together to discuss business and trade.
Trade barriers -: Trade barriers are rules or taxes that make it harder to buy and sell things between countries. Reducing them makes trade easier.
Capacity building -: Capacity building means helping people and organizations develop skills and abilities to do their jobs better.
Bilateral trade -: Bilateral trade is the exchange of goods and services between two countries. Here, it means trade between India and Ghana.
USD 2.87 billion -: This is a large amount of money, showing how much India and Ghana traded with each other in one year.
