India looking to invest in Ghanian oil and gas sector | SupportBiz

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India looking to invest in Ghanian oil and gas sector

India is seeking to invest in Ghana's oil and gas sector and double trade with West Africa to USD40 billion by 2015, as part of its growing efforts to play a larger role in the development of Africa as a whole. "We have a keen interest in Ghana's developing hydrocarbon sector, and would discuss this and other sectors for close cooperation," Commerce and Industry Minister Anand Sharma said after opening a Indian trade expo in Accra recently.

Ghana, which started oil production in January 2010 and partners with the UK Tullow Oil in the country's Jubilee oil fields, has announced that it will peak production to about 1,20,000 barrels next year.

Ghana currently produces about 70,000 barrels of oil a day.

Sharma, leading a 200-member trade delegation, the biggest to any African country, emphasised the need for deepening and diversifying India's economic engagements with West African countries.

He said that India wanted to double its trade with West Africa to USD40 billion by 2015 from the current USD20 billion.

"What we have achieved with trade between India and the West Africa region, it is possible to double the current figure of USD20 million over the next three years."

Sharma urged the chambers of commerce in West Africa and India to work towards increasing trade between the two sides.

The Ghana Trade and Industry Minister Hannah Tetteh said that co-operation between India and Africa is 'rooted in good relationship, and that, there are opportunities of growth across the African continent'.

She said that the decision to hold the India Show in Ghana was a demonstration of faith in the country's economy. "This is a good time to invest in Ghana because the country's gross domestic product (GDP) grew at 14 percent last year," she stated.

"In addition, there is good prognosis for growth, and we intend to keep it so because Ghana is the most stable country in the West Africa region," she added.

Tetteh said that investments from Indian companies in Ghana have increased over the past few years.

Sharma also said that the pan-African e-project is 'one of the shining examples of cooperation between our people'.

Under the project, 47 countries across Africa, have been linked up through the internet and 15 universities have been linked up with their counterparts in India.

"The entire project is without cost or burden to Africa, Sharma said, adding, "This is what we believe in, and we are not just looking for resources because we believe in investment."

He said that India looks at the other needs of its partners, and does this by empowering its people. "Within the past three years, India has educated over 20,000 Africans in its institutions."

The expo is being jointly organised by the Federation of Indian Chambers of Commerce and Industry and the Economic Community of West African States (ECOWAS).

ECOWAS comprises of Benin, Burkina Faso, Cape Verde, Côte d'Ivoire, the Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo along with Cameroon, Gabon, Equatorial Guinea, Mauritania, São Tome and Principe and the Republic of Congo.