&w=3840&q=100)
India not just partner but co-traveller in Ghana's growth journey: PM Modi
Press Trust of India Accra
India and Ghana on Wednesday elevated their ties to the level of comprehensive partnership, with Prime Minister Narendra Modi reaffirming that New Delhi is a co-traveller in the African nation's development journey.
Modi made the remarks after holding wide-ranging talks with Ghanaian President John Dramani Mahama.
In his media statement, Prime Minister Modi said both sides have set a target of doubling the two-way trade in the next five years and that India is not just a partner but a co-traveller in Ghana's development journey.
The delegation-level meeting between the two leaders took place hours after Modi arrived in this capital city of the West African country on the first leg of his five-nation tour.
In a special gesture, the prime minister was received at the airport by President Mahama. It is the first prime ministerial visit from India to Ghana in three decades.
Following the Modi-Mahama talks, the two sides inked four pacts that will provide for cooperation in several areas including culture and traditional medicine.
"Today, the president and I have decided to elevate our bilateral partnership to a Comprehensive Partnership," Modi said, adding, "India is not just a partner but a co-traveller in Ghana's journey of nation-building." The prime minister also highlighted the upswing in trade relations between the two countries.
"Indian companies have invested nearly two billion dollars in about 900 projects. Today, we have set a target to double our mutual trade in the next five years," he said.
"In the field of FinTech, India is ready to share its experience of UPI digital payments with Ghana," he noted.
The prime minister also said that Indian companies will cooperate in the exploration and mining of critical minerals.
The prime minister said both sides were unanimous that terrorism is the enemy of humanity and that it was decided to further strengthen mutual cooperation in countering the menace.
"We are unanimous that terrorism is the enemy of humanity. We thank Ghana for its cooperation in our fight against terrorism," Modi said.
"In this context, we have decided to further strengthen mutual cooperation in counter-terrorism," he said.
In the field of defence and security, we will move forward with the mantra of "security through solidarity", he added.
India-Ghana cooperation will be enhanced in areas such as training of armed forces, maritime security, defence supply and cyber security, he added.
The prime minister said both sides expressed serious concerns over the conflicts in West Asia and Europe and called for finding solutions to the problems through dialogue and diplomacy.
"This is not the era of war; problems should be resolved through dialogue and diplomacy," Modi said.
The two leaders also touched upon issues facing the Global South.
"We are both members of the Global South, and are fully committed to its priorities. We thank Ghana for its positive participation in the Voice of Global South Summit," Modi said.
"It is a matter of pride for India that the African Union got permanent membership of the G20 under our G20 presidency," he added.
Calling the talks with President Mahama "extremely fruitful", Modi in an X post said, "We have elevated our ties to a Comprehensive Partnership, which will be beneficial for the people of our nations. We discussed ways to improve trade and economic linkages. Cooperation in FinTech, skill development, healthcare and other such sectors were also deliberated upon." India and Ghana also see immense scope in working closely in areas such as critical minerals, defence, maritime security and energy, he said, adding that enhancing cultural linkages was also discussed.
In a post on X, Ministry of External Affairs Spokesperson Randhir Jaiswal said, "Both leaders reaffirmed the warm and time-tested ties between India & Ghana, and discussed ways to expand cooperation in key areas..." "The leaders agreed to elevate the bilateral ties to a Comprehensive Partnership. They reiterated their commitment to democratic values, Global South solidarity, South-South cooperation, and a shared vision for sustainable development & global peace," he added.
The bilateral relations between India and Ghana, one of the fastest-growing economies in West Africa, are marked by a robust trade and investment partnership.
India is among the top trading partners of Ghana and is the largest destination for Ghanaian exports, driven largely by India's import of gold.
Ghana is undergoing a major economic restructuring and Prime Minister Modi assured the country of all possible assistance in this regard.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
8 minutes ago
- Time of India
NCR records 7.2 million sq ft office leasing in H1 2025
NEW DELHI: The National Capital Region (NCR) has outperformed other Indian cities in both commercial and residential real estate in the first half of 2025, with a record-breaking 7.2 million sq ft of office space leased and a steep rise in ultra-luxury home sales, according to Knight Frank India 's latest report. Office Market: Strongest Leasing Momentum Ever Recorded in NCR NCR's office leasing rose by 27% year-on-year, hitting an all-time high, underlining the region's growing importance as a commercial hub. Gurugram, often seen as NCR's corporate epicentre, accounted for an overwhelming 65% of the total office leasing during the period—a sharp rise of 900 basis points compared to the same period last year. Notably, the demand wasn't just driven by India-facing enterprises. Global Capability Centres (GCCs)—companies that provide support services to global operations—ramped up their share of office leasing in NCR to 31% in H1 2025, equal to that of domestic firms. This indicates a rising confidence among global firms in NCR's talent pool and infrastructure readiness. The average rental value for office space in the region jumped 8% year-on-year to ₹93.5 per sq ft per month. Delhi's Central Business District remained the costliest, commanding rentals between ₹220 and ₹390 per sq ft per month. In Gurugram, Golf Course Road and Cyber City continued to dominate both demand and pricing. About 4.1 million sq ft of new supply was added across NCR during the same period, but the supply-demand gap for quality Grade A offices remains evident, prompting upward pressure on rents. Residential Market: Luxury Segment Shines Amid Overall Dip On the residential side, while overall sales and launches dipped slightly, the market story was driven by rising aspirations and a growing appetite for premium living. Housing sales across NCR stood at 26,795 units in H1 2025, marking an 8% year-on-year drop. New launches also saw a decline of 17%, totalling 25,233 units. Yet, within this subdued environment, the luxury housing segment recorded unprecedented activity. Sales of homes priced above ₹2 crore surged, accounting for 57% of total sales—up from 43% in H1 2024. Even more striking was the growth in ultra-luxury homes priced above ₹50 crore, where sales increased by a staggering 2,550% year-on-year. These marquee transactions were largely concentrated in Gurugram, reaffirming its position as NCR's high-end residential capital. The city alone contributed 51% to total housing sales and 55% to fresh supply, with sectors along Golf Course Extension Road, Southern Peripheral Road, and Dwarka Expressway witnessing heightened traction. Noida and Greater Noida together formed 30% of NCR's home sales, bolstered by infrastructure upgrades such as the ongoing work on the Noida International Airport in Jewar and metro expansions. The increased demand in these regions was predominantly in the mid to upper-mid segments. Residential prices across NCR averaged ₹5,535 per sq ft in H1 2025, reflecting a healthy 14% year-on-year increase. While the premium and luxury segments gained momentum, the affordable housing category (₹25–50 lakh) saw sales drop by 37%—a result of price escalations, land cost pressures, and tighter home loan dynamics. Shift in Buyer Sentiment and Developer Strategy What's emerging clearly is the buyer shift towards larger homes with better amenities, especially post-pandemic. Developers, in response, are increasingly launching high-ticket projects tailored to aspirational urban families and NRIs. Knight Frank's findings reflect a maturing market where both end-users and investors are focusing on long-term value. The rise of demand in studio apartments, branded residences, and gated communities equipped with health and wellness features also signal changing buyer preferences.
Indian Express
9 minutes ago
- Indian Express
India's Russian oil imports touch 11-month high in June amid concerns over US Bill for high tariffs on Russia's trading partners
India's Russian oil imports rose to an 11-month high in June, further cementing Moscow's continued dominance in New Delhi's oil import basket. According to tanker data, Russian crude accounted for a massive 43.2 per cent of India's total oil imports in June, outweighing the next three suppliers — West Asian majors Iraq, Saudi Arabia, and the United Arab Emirates — put together. This comes at a time when concerns have surfaced in India over a controversial bill in the US that proposes 500 per cent tariffs on countries that continue to trade with Russia. India and China are the top importers of Russian crude, and New Delhi is engaging with American lawmakers to voice concerns regarding its energy security and the bill. In a recent press conference in Washington, Foreign Minister S Jaishankar said that India's concerns and interests on energy have been 'made conversant' to Republican Senator Lindsey Graham, who is a key sponsor of the bill. Jaishankar added that India will 'have to cross the bridge when we come to it, if we come to it'. In a recent interview with ABC News, Graham had said that US President Donald Trump encouraged him to advance the bill after the July break of the US Congress. It is yet to be seen if the bill, which Graham says would equip the US to force Russia to negotiate the end of the war in Ukraine, will turn into law in its current form. If that does happen, India would be pushed to cut down oil imports from Russia and increase imports from other suppliers, which could increase the cost of imports. It could also lead to complications in India's ongoing trade pact negotiations with the US, its largest trading partner. Currently, Indian refiners are adopting a wait-and-watch approach on the matter, while keeping Russian oil flows into India robust. India depends on imports to meet around 88 per cent of its crude oil needs, and Russia has been the mainstay of India's oil imports for nearly three years now. With much of the West shunning Russian crude following the country's February 2022 invasion of Ukraine, Russia began offering discounts on its oil to willing buyers. Indian refiners were quick to avail of the opportunity, leading to Russia—earlier a peripheral supplier of oil to India—emerging as India's biggest source of crude, displacing the traditional West Asian suppliers. While the discounts have varied over time, Russian oil flows to India have remained robust despite Western pressure and limited sanctions on Russia's oil trading ecosystem. Booming oil trade with Russia has also catapulted the country to the list of India's biggest trading partners. On its part, India has maintained that it is willing to buy oil from whoever offers the best price, as long as the oil is not under sanctions. To be sure, Russian oil itself is not sanctioned, but the US and its allies have imposed a price cap of $60 per barrel, as per which Western shippers and insurers cannot participate in Russian oil trade if the price of Moscow's crude is above that level. In June, India imported 2.08 million barrels per day (bpd) of Russian crude, the highest since July 2024, and higher by 12.2 per cent on a month-on-month basis, according to vessel tracking data from global commodity market analytics firm Kpler. 'This resurgence in Russian volumes reflects both commercial incentives and geopolitical realignments. Russian barrels have remained highly competitive due to discounts, payment mechanisms, and logistical flexibility via alternative shipping and insurance networks. Despite mounting Western sanctions, Indian refiners have managed to maintain—and even expand—procurement from Russia. Barring any severe logistical or regulatory disruptions, this trend is likely to persist in the coming months,' said Sumit Ritolia, Lead Research Analyst, Refining & Modeling at Kpler. 'Looking ahead, Russia will likely remain India's largest crude supplier (35-40%) supported by price competitiveness and techno-economics. However, this dominance could face pressure if the West escalates enforcement of secondary sanctions targeting financial or shipping facilitators. Such a scenario could either reduce Russian volumes or push Indian refiners to seek greater compliance safeguards,' Ritolia added. Imports from West Asia remain significant but show signs of increasing volatility. Oil imports from Iraq—India's second-largest crude supplier—were around 893,000 bpd in June (down 17.2 per cent sequentially), followed by Saudi Arabia with 581,000 bpd (flat sequentially), and the UAE at 490,000 bpd (up 6.5 per cent from May). Despite having lost market share to Russia in recent years, proximity and reliability of West Asian suppliers—particularly Saudi Arabia, Iraq, and the UAE—mean that they will remain core contributors to India's crude slate. In June, Iraq had an 18.5 per cent share in India's oil imports, followed by Saudi Arabia with 12.1 per cent, and the UAE with 10.2 per cent. The US retained its position as India's third-largest supplier of crude oil in June, with import volumes of around 303,000 bpd and a market share of 6.3 per cent. According to Kpler's analysis, oil imports from West Asia are expected to stabilise in the 35–40 per cent range, and meanwhile India is expected to sustain its diversification efforts by tapping additional volumes from Africa, Latin America, and the US to optimise refinery economics, balance geopolitical exposure, and enhance energy security. Geopolitical shifts, freight economics, and refinery economics are expected to continue shaping India's crude sourcing decisions. While desirable for crude blending and refinery optimisation, US crude remains relatively high-cost for Indian refiners due to higher freight and longer voyages, and has so far seen limited scope for expansion. Unless freight costs become more favourable or a diversification push is triggered by instability in other regions, industry watchers say it is unlikely that imports from the US and Latin America would grow substantially in the short term. Sukalp Sharma is a Senior Assistant Editor with The Indian Express and writes on a host of subjects and sectors, notably energy and aviation. He has over 13 years of experience in journalism with a body of work spanning areas like politics, development, equity markets, corporates, trade, and economic policy. He considers himself an above-average photographer, which goes well with his love for travel. ... Read More
Mint
14 minutes ago
- Mint
Indian economy to grow 6.4-6.7% in FY26 amid geopolitical risks, says CII president; 3-tier GST structure backed
The Indian economy is estimated to grow 6.4-6.7 per cent in the current financial year due to strong domestic demand amid risks posed by geopolitical uncertainty, the newly appointed CII President Rajiv Memani said during a press conference on Thursday. He further advocated for a three-tier goods and services tax (GST) rate structure, with essential goods attracting 5 per cent, luxury and sin goods at 28 per cent, and the rest of the items in the 12-18 per cent range. The current GST system is a four-tier tax structure with 5 per cent, 12 per cent, 18 per cent and 28 per cent slabs. Luxury and demerit goods fall under the highest slab of 28 per cent, while packed food and essential items are charged the lowest 5 per cent slab. Speaking on India's growth, Memani said that factors such as a good monsoon forecast, liquidity boost due to the Reserve Bank of India's (RBI) cash reserve ratio (CRR) cut, and interest rate reduction will help in the economic growth of the country. Highlighting risks for the Indian economy, Memani said, 'A lot of these relate to external trade risk. I think a lot of them have been factored in, and also there are some upside. So hopefully they should get balanced out... From a CII standpoint, we're looking at 6.4-6.7 per cent growth.' However, Memani assured that these risks to growth are evenly balanced, and geopolitical uncertainty poses downside risks whereas strong domestic demand is an upside. According to the RBI forecast, the economy is estimated to grow 6.5 per cent in FY26. In June, the central bank slashed the CRR by 100 basis points, which is expected to boost liquidity by bringing ₹ 2.5 lakh crore to the banking system. Meanwhile, the benchmark interest rate was cut 50 basis points to 5.5 per cent. Memani emphasised that GST requires rate rationalisation. 'Under GST 2.0, we have called for rate rationalisation, especially on products that are consumed by lower-income segments. Several products taxed at 28 per cent, including cement, should also be reduced... we believe this will boost economic activity,' he said. Memani also urged simplifying the GST framework and emphasised the importance of building a national consensus on goods such as petroleum, electricity, real estate, and potable alcohol in GST.
