Indian investors are planning to turn gas from the offshore oil field into fertilizer.
The move will revitalize the agricultural sector and lesson the burden of farmers, who previously spent more money on agricultural input.
The India investors said technical plans and the funds to commence the project were ready and only awaiting authorization from the Government of Ghana.
Information available indicates that Indianís Fertilizer Ministry has approved the investment proposal and the Indian investors are in Ghana for negotiations.
Rajinder Bhagat, India High Commissioner to Ghana told BUSINESS GUIDE in Accra that the fertilizer maker, based in Mumbai, would secure fuel for the project from Ghana Oil Company.
Mr. Bhagat noted that the move, would among other things, affirm the commitment of India to deepen bilateral ties with Ghana.
Mr. Bhagat declined to comment further on the deal, but it is believed the fertilizer company, Rashtriya Chemicals & Fertilizers Limited, is Indiaís biggest state-run urea maker.
He said besides the fertilizer plant, Indian investors intend to invest $36 million in the establishment of a sugar processing plant, as well as the development of a potato plantation, among other investments, which were being prepared.
The $1.3 billion fertilizer, which would be sited at Nyankrom in the Western region, would have the capacity to produce one million metric tonnes of fertilizer.
It is believed the project which would be a Ghana-Indian joint venture, would boost agriculture as it would increase crop production.
Emelia Arthur, Deputy Western Regional Minister, reportedly told journalists that the Indian investors would own 48 percent share of the project while 52 per cent would go to the Ghana government.
Part of governmentís shares would be owned by landowners and some Non-Governmental Organization (NGOs) who are partners of the project.
Residents of the community, including the chiefs and the investors, have been briefed on the project.
She said this on Thursday at Nyankrom when the investors held a meeting with the traditional authorities and people to discuss the progress of the project.