Indian investors have lots of confidence in Ghanaian economy — High Commissioner

The High Commissioner of India to Ghana, Birender Singh Yadav, has said that the stable political climate has inspired a lot of confidence in the economy among Indian investors, which is why they are flooding in.

“I think Indian investors have confidence in the economy because of the maturity of Ghanaian democracy, which is acknowledged and respected not only in West Africa but the entire Africa,” he told the B&FT in Accra on the occasion of India’s 69th Republic Day celebration.

“Again, the stable law and order situation in the country, and warm nature of the Ghanaian society that has accepted them [Indian investors] readily and allowed them to carry on their operations are major factors. The English language is also among the key factors which make Ghana a very attractive destination for investment.

“We’re getting large number of businessmen coming to Ghana to look for business opportunities. They’re looking to invest across diverse sectors of the economy,” he said.

Mr. Singh further stated that the third quarter Ghana Investment Promotion Centre (GIPC) report, which shows India is second only to the UK in terms of investments in Ghana, is an attestation to the confidence Indian investors have in the Ghanaian economy.

“As regards investments, the last GIPC report placed India at number-two: both in terms of number of projects and in terms of value. So, we are very happy that Indian businessmen have a very positive outlook about the Ghanaian economy,” he said.

Touching on bilateral agreements, Mr. Singh said the government of India has tabled a credit line of US$150million for agriculture mechanisation and US$30million for the Yendi water supply project, which are currently under consideration.

The 69th Republic Day celebration

The Republic Day is celebrated because the constitution of India, which was adopted on 26th November 1949, came into force on 26th January 1950.

This year’s celebration was unique in the sense that all ten ASEAN Heads of State/Governments (Thailand, Vietnam, Indonesia, Malaysia, the Philippines, Singapore, Myanmar, Cambodia, Laos and Brunei) were the chief guests at the Republic Day celebrations.

In New Delhi’s India Gate there was a display of India’s military prowess through a parade by armed forces and para-military personnel, and a display of defence armaments as well.

In Ghana, there was a flag-hoisting ceremony in the morning of Friday, January 26, 2018 when the High Commissioner read the address of India’s President – which he traditionally gives on the eve of Republic Day.

A cultural troupe arrived in Ghana on January 24, and performed at the DPS International School on January 25. It also had another performance, on the evening of Republic Day, at the National Theatre.