Accra, Nov. 11, GNA - President John Agyekum Kufuor on Monday conferred a State Honour, "Companion of the Order of the Volta" on Mr Anand Sharma, India's External Affairs Minister, in recognition of his abiding commitment towards deepening Ghana-India Friendship and Economic Co-operation.

Mr Sharma was in Accra to reinforce ties between both countries and joined in the inauguration of the Golden Jubilee House, the historic national monument, to serve as the new seat of Government and official residence of the President.

India provided a concessionary loan of 30 million dollars, with a grant element of 50 per cent and an interest rate of 1.75 per cent, repayable in 25 years to finance the construction.

Ghana and India, both former British colonies share common history and are in fruitful engagement in areas like Information Communication Technology (ICT), energy, agriculture and education.

A Citation accompanying the award acknowledged the significant role played by Mr Sharma in those areas.

President Kufuor, who personally decorated Mr Sharma with the award at the Castle, Osu, described India as a bridging nation between the developing and the developed world and said Ghana and India should have clear vision of where the world was moving and together head towards that direction so that they could both secure a dignified place in the world.

On the turmoil on the financial market, he said, it was a reminder about the need for greater interdependence adding that, Ghana wanted to engage with India in partnerships that would be mutually beneficial to all parties.

Mr Sharma said India was committed to working with Ghana in a true spirit of South-South Co-operation.

In another development, President Kufuor has counselled chiefs in the coastal belt of the Western Region, where oil fields in commercial quantities had been discovered to open their doors to all private enterprises that showed genuine interest to establish in their communities.

He gave the advice when the chiefs paid a courtesy call on him at the Credentials Hall of the Castle, Osu.

President Kufuor said it was important to appreciate that through healthy competition, the best would be brought out of the companies that were positioning themselves in the country's oil industry. He said Government would establish the necessary structures and measures that would enable communities in the area and the nation to derive maximum benefits from its oil resource.