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Indian businesses looking for opportunities in Ghana

Accra (Ghana), April 17 A 20-member Indian business delegation is currently on a visit to Ghana to explore business opportunities in this West African nation.

The delegation has been brought by Ghana’s High Commissioner to India, Sam Pee-Yalley.

Indian High Commissioner in Accra, Jeeva Sagar, asked the businessmen “to take Ghana seriously because the country is a friend of India”.

One of the delegates, Farsu Contractor, who is representing KCP, a heavy engineering company with interests in sugar, power and cement, said his company, which already has operations in Ethiopia and Senegal, was planning to enter Ghana.

Contractor said the interest in Africa for KCP was because “the next century is for Africa which has so much potential and the continent cannot be ignored”.

Indicating that the company was looking at investing in the sugar industry in Ghana, he said, “KCP has been a pioneer in developing the sugar industry in Vietnam since 1990s as a supplier of sugar machinery to plants in Vietnam.

“On the invitation of the Vietnam Government to develop sugar cane in rural areas, a 2,500 tcd sugar plant was commissioned by KCP Vietnam Industries Limited, a sugar manufacturing subsidiary established in Vietnam in 1999. Since then, it has expanded its capacity to 6000 tcd,” he said.

Girish Raipuria, founder director of Shrikaam Fincom Consulting of Mumbai, said he held discussions for the establishment of a commodity, spot market and a derivative exchange in Ghana.

“In addition, we plan to set up an institute for financial markets training to build the capacity of Ghanaians.”

Raipuria said his company would have to raise about $30 million to help finance the projects they have planned to put together in Ghana.

“This will be done with some international finance groups in order bring our dreams to help in the development of Ghana into fruition,” he added.

According to the Ghana high commission in New Delhi, the delegation’s visit is part of the country’s Economic Diplomacy programme.

“The relationship that former prime minister Jawaharlal Nehru started with Ghana’s late president Kwame Nkrumah should not be allowed to die. Those of us old now must build on that relationship for the benefit of our people,” High Commissioner Pee-Yalley said at a reception for the delegation organised by the Indian High Commission.

“India has what Ghana needs, and in like manner, we need what India has,” he said.