Ghana and India's Bilateral Trade Hits $3 Billion in 2024

Trade between Ghana and India soared to approximately $3 billion in 2024 and is projected to double within the next five years, according to Mr. Shiri Manish Gupta, High Commissioner of India.

Mr. Gupta made the announcement on Thursday at the India-Ghana Business Conclave held in Accra. He indicated the target could be achieved even sooner, as trade volume had already surpassed the $3 billion mark by the first half of 2025.

The High Commissioner highlighted India’s commitment to supporting Ghana and other African nations in leveraging the African Continental Free Trade Area (AfCFTA). This support will focus on key areas such as renewable energy, green industrialisation, agriculture, and food security.

“India stands ready to work together with the Government of Ghana in advancing the Reset Ghana agenda,” Mr. Gupta stated, referencing the government’s focus on macroeconomic stability, a 24-hour economy for job creation, and strategic infrastructure development through the Big Push initiative.

He emphasized that India’s development cooperation is driven by the needs of partner countries, prioritizing local capacity building and opportunity creation. “Our approach is not just to invest but to empower. Together, we progress in an environment of trust and collaboration,” he added.

The recently completed Tema-Mpakadan Railway line was cited as the largest Indian development cooperation project in Ghana, with Mr. Gupta pointing to further opportunities for collaboration as the economic partnership deepens.

Over the past two decades, Indian investments in Ghana have reached nearly $2 billion in Foreign Direct Investment (FDI) across more than 900 projects, alongside an additional $1 billion through concessional Lines of Credit (LOCs) and Buyer’s Credit agreements at the intergovernmental level, solidifying India’s position as a key economic partner.

Mr. Gupta encouraged businesses from both nations to explore innovative avenues for growth in sectors like agriculture, food processing, skill development, mining, and infrastructure.

Addressing business challenges, he called for the development of cost-effective logistics chains and a reduction in the costs associated with banking and financial transfers. He also stressed the importance of de-risking investments and reducing barriers to entry for potential investors.

“Expanding banking channels and improving access to finance are crucial, especially to harness the potential of young demographics in India and Africa to promote digital and green markets,” he explained.

The High Commissioner proposed replicating India’s Digital Public Infrastructure in Ghana and the wider sub-region to enhance governance, transparency, and inclusivity.

He believes Ghana is poised to become a leading force in the services sector, capable of serving not only its domestic market but also the entire sub-region. “India stands ready to assist by sharing skills, technology, and knowledge transfer in this endeavour,” he affirmed, commending Indian businesses for their contributions to Ghana’s economy.

The conclave served as a platform for open dialogue, exploring new areas of collaboration, strengthening business ties, and addressing challenges faced by businesses.

Mr. Augustus Goosie Tannoh, Presidential Advisor for the 24-Hour Economy and Accelerated Export Development, lauded the support of Ghanaian and Indian businesses for local manufacturing, job creation, and the expansion of the service sector.

He stated that the 24-Hour Economy program has already secured land, basic infrastructure, and project designs for investor parks throughout the country.

Mr. Tannoh highlighted the Volta Economic Corridor as a key government initiative for logistics and industrial development, inviting Indian firms to explore opportunities in production facilities, contract manufacturing, and logistics projects.

Mr. Stephane Miezan, President of the Ghana National Chamber of Commerce and Industry (GNCCI), reaffirmed the association’s commitment to supporting both local and international businesses.

The forum brought together representatives from leading Indian companies and featured panel discussions focused on fostering growth and improving the business environment.

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