High Commission of India
Accra
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Economic & Commercial Brief
India and Ghana share a multifaceted economic relationship driven by trade, investment, and development cooperation. The partnership continues to grow as both nations explore new opportunities and address challenges to enhance bilateral economic ties. India is among the top trading partners of Ghana and is among the largest destination for Ghanaian exports. Ghana has a positive trade balance with India, mainly due to large imports of gold by India which accounts for over 70% of total imports from Ghana.
Both countries discuss trade and economic relations under the structured framework of Joint Trade Commission (JTC). The 4th session of the India-Ghana Joint Trade Committee meeting was held in Accra from 2-3 May, 2024 and was chaired by Hon. Micheal Okyere Baafi, Deputy Minister of Trade and Industry, and Mr. Amardeep Singh Bhatia, Addl. Secretary, Ministry of Commerce. The discussions, aimed at strengthening bilateral trade and economic ties between the two countries, took place in a friendly and cordial atmosphere reflecting the traditional bonds between the two countries.
Bilateral Trade
Bilateral trade between India and Ghana has been steady during the last four years and Indian exports are broadly on an upward trajectory.
(In US$ million)
Major changes on Ghanaian exports to India are largely governed by quantum of gold and cocoa product.
|
Rank in India’s Trade
|
Year
(Apr-Mar)
|
India’s Export (in million USD)
|
India’s Import (in million USD)
|
Total Trade (in million USD)
|
Balance of Trade (in million USD)
|
|
45th
|
2020-21
|
862.50
|
1,374.96
|
2,237.46
|
-512.46
|
|
53rd
|
2021-22
|
1,109.46
|
1,497.77
|
2,607.24
|
-388.31
|
|
53rd
|
2022-23
|
964.17
|
1,909.59
|
2,873.76
|
-945.42
|
|
55th
|
2023-24
|
1,098.88
|
1,416.90
|
2,515.78
|
-318.02
|
|
53rd
|
2024-25
|
1,346.75
|
1,790.54
|
3,137.29
|
-443.79
|
|
-
|
2025-26 (Apr)
|
102.66
|
188.20
|
290.86
|
-85.54
|
(Source: DoC, GoI)
India’s export to Ghana has risen in recent times from 2011-12 when it was US$ 800 million to as high as US$ 1.3 billion in 2024-25, crossing the one billion mark. On the other hand, India’s import (Ghana’s export to India) has increased as high as US$1.9 billion in 2022-23 and are US$ 1.8 billion in 2024-25.
Major Commodities of Export by India to Ghana (Sorted on 2024)
|
Sl. No.
|
Commodities
|
Jan-Dec 23
|
Jan-Dec 24
|
% Change
|
|
1.
|
Medicaments (Excluding Items Of 3002, 3005 Or 3006) For Therapeutic Or Prophylactic Use In Measured Doses Or Packings
|
138.68
|
202.20
|
45.80
|
|
2.
|
Self- Propelled Bulldozers,Angledozers,Graders Levellers,Scrapers,Mechanical Shovels, Excavators, Shovel Loaders,Tamping Machines And Road Rollers
|
68.11
|
159.86
|
134.69
|
|
3.
|
Rice
|
51.02
|
56.98
|
11.69
|
|
4.
|
Motor Vehicles For The Transport Of Goods
|
18.59
|
45.72
|
145.97
|
|
5.
|
Woven Fabrics Of Cotton, Containing>=85% By Weight Of Cotton Weighing Not More Than 200 G/M2
|
33.42
|
42.06
|
25.88
|
|
6.
|
Motor Cars And Other Motor Vehicles For The Transport Of Persons (Excluding 8702), Including Station Wagons And Racing Cars
|
16.36
|
38.59
|
135.82
|
|
7.
|
Stranded Wire, Cables, Plaited Bands And The Like, Of Aluminium, Not Electrically Insulated
|
17.16
|
31.39
|
82.95
|
|
8.
|
Machinery For Sorting, Screening, Separating, Washing, Crushing, Etc Of Mineral Substances In Solid Form
|
22.60
|
28.52
|
26.19
|
|
9.
|
Other Cast Articles Of Iron Or Steel
|
35.78
|
27.00
|
-24.54
|
|
10.
|
Sacks And Bags, Of A Kind Used For The Packing Of Goods
|
30.74
|
25.40
|
-17.40
|
(Source: DoC, GoI)
Major Commodities of Import by India from Ghana (sorted on 2024)
|
Sl. No.
|
Commodities
|
Jan-Dec 23
|
Jan-Dec 24
|
% Change
|
|
Gold, Including Gold Plated With Platinum, When Unwrought, Semi-Manufactured, Or In Powder Form
|
916.20
|
1,123.56
|
22.63
|
|
Petroleum Oils And Oils Obtained From Bituminous Minerals, Crude
|
0.00
|
226.59
|
-
|
|
Coconuts, Brazil Nuts And Cashew Nuts, Fresh Or Dried, Whether Or Not Shelled Or Peeled
|
252.55
|
190.80
|
-24.45
|
|
Other Oil Seeds And Oleaginous Fruits, Whether Or Not Broken
|
23.16
|
40.09
|
73.07
|
|
Wood In The Rough, Whether Or Not Stripped Of Bark Or Sapwood, Or Roughly Squared
|
48.79
|
38.35
|
-21.39
|
|
Aluminium Waste And Scrap
|
18.28
|
21.91
|
19.85
|
|
Aluminium Ores And Concentrates
|
0.00
|
19.56
|
-
|
|
Cocoa Paste, Whether Or Not Defatted
|
6.43
|
15.93
|
147.91
|
|
Ferrous Waste And Scrap; Remelting Scrap Ingots
|
10.24
|
10.08
|
-1.51
|
|
Diamonds, Whether Or Not Worked, But Not Mounted Or Set
|
4.89
|
8.34
|
70.69
|
(Source: DoC, GoI)
India’s Investment in Ghana
According to the Ghana Investment Promotion Centre (GIPC), Indian companies have invested in 820 projects aggregating to US$ 1.92 billion between 1994 and 2024. The FDIs in 2021 was US$ 93.84 million in 25 projects, representing 7.61% of Ghana’s total FDIs of US$ 1,298.66 million in 271 projects. The FDIs in 2022 recorded from India was US$ 32.48 million in 21 projects, and US$ 77.93 million in 13 projects in 2023. Recent FDIs figure from India in 2024 amounted to US$ 16.46 million in 12 projects.
India is among the top investors in Ghana, holding the 2nd place for investments in 12 projects (after China) and 8th by value of FDIs being US$ 16.46 million (top 3 being Netherlands, Egypt, and Spain) in 2024 according to GIPC's most recent report. This constitutes 2.67% of Ghana's 2024 total FDIs received which was US$ 617.61 million. These projects were in sectors such as : Manufacturing, Services, General Trading, Export Trade, Agriculture, Building and Construction, Tourism, and Liaison.
Business Exchanges
The trade chambers and associations in Ghana and India have maintained strong relations over the years, frequently organizing events and trips for business delegations. India’s premier trade bodies, such as CII, FICCI, and PHDCCI, have signed MoUs for cooperation with the Association of Indian Industries (AGI) and the Ghana National Chamber of Commerce and Industry (GNCCI). Business has returned to normal since the end of the Covid-19 pandemic, seeing several business trips being made as Indian business delegations visit Ghana and vice versa. The Mission also organizes business events to facilitate interaction between Indian and Ghanaian businesses, as well as collaborate with various export promotion councils of India to promote Indian exports to Ghana. Below are notable events and delegations:
I CII-Exim Bank Conclave:
- CII-EXIM Bank Conclave on India Africa Growth Partnership (17th Session: 19-20 July 2022; 18th Session: 14-16 June 2023)
- 19th CII India Africa Business Conclave (20-22 August 2024)
II Business Promotion Events:
- India-Ghana Business Summit on Strengthening India-Ghana Business Relations Post-Covid (6 April 2022)
- Business Meet on Exploring Opportunities in Pharmaceuticals & Healthcare in Ghana (26 April 2022)
- Africa-India Partnership Day on Africa’s Transition through Solar: Sharing India’s Experience (26 May 2022)
- India-Ghana Pharma Business Summit on Managing the Economic Challenges in Pharma Business in Ghana (13 December 2022)
- Boardroom Interactive Discussion on ‘New Horizons For India-Ghana Trade, Economic and Investment Ties” (29 February 2024)
- India-Ghana Business Conclave: Strengthening Trade, Investments and Economic Partnership (27 February 2025)
- India-Ghana Partnership Day 2025 (28 March 2025)
III Indian Business Delegations to Ghana:
- 48 Indian companies for Agritech West Africa 2022 (23-25 March 2022)
- 50 Indian companies for West Africa Pharma & Healthcare Expo (27-29 April 2022)
- 28 Indian companies for India-Africa ICT Expo (14-15 September 2022)
- 36 Indian companies for Power & Energy Ghana Expo 2022 (14-16 Nov. 2022)
- 43 Indian companies for India-Ghana Pharma Business Meet (27 February 2023)
- 48 Indian companies for Agritech West Africa Expo 2023 (15-17 March 2023)
- 8 Indian companies for India-Ghana Business Meet (4 April 2023)
- 60 Indian companies for West Africa Pharma & Healthcare Expo (14-16 May 2023)
- 22 Indian companies for Power & Energy Ghana Expo 2023 (11-13 October 2023)
- 13 officials from Indian Economic Trade Organization (IETO) (18-24 February 2024)
- 10 Indian companies from Job and Economic Transformation (JET) (26-29 February 2024)
- 56 Indian companies for 3rd Agritech West Africa exhibition (19-21 March 2024)
- 19 Indians (CII delegation) attended the Joint Trade Committee (JTC) (2 May 2024)
- 39 Indian companies for 3rd West Africa Pharma Healthcare Show, Ghana (8-10 May 2024)
- The HCI, Accra and some Indian delegates attended the Power & Energy Ghana Expo (6-8 November 2024)
- 2 Indians from IEEMA to promote ELECRAMA 2025 (2 December 2024)
- An Indian and Ghanaian colleagues paid a courtesy call to the High Commission (3 April 2025)
- 40 Indians for 4th West Africa Pharma and Healthcare Expo (6-8 May 2025)
IV Virtual Events:
- Digital Session on Business Opportunities between India and Ghana (16 February 2022)
- India-Ghana BSM with MPEDA (11 February 2022)
- India-Ghana BSM with PEPC (23 February 2022)
- India-Ghana BSM with TEPC (25 March 2022)
- India-Ghana ICT Business Networking Meet with ESC (28 July 2022)
- India-Ghana Business Meet/BSM with PEPC (2 August 2022)
- India-Ghana Webinar-cum-B2B Session on Exploring Pharmaceutical Opportunities with Pharmexcil (23 November 2022)
Development Cooperation
Ghana was included as one of the nine West African countries under the Government of India (GoI)’s TEAM 9 Initiative launched in 2004. India has been supporting Ghana’s development by providing assistance for projects through concessional Lines of Credit (LoCs) and grants. Since 2003, GoI extended 10 LoCs, with aggregate value of US$ 390.27 million, to Government of Ghana. Most of the LoC-funded projects have been completed. The development cooperation projects have come up in infrastructure, agriculture, education, health and power sectors during the last two decades. The most outstanding projects are the Flagstaff House/Presidential Complex in the heart of Accra (under LoC), India-Ghana Kofi Annan Centre of Excellence for ICT (under Grant), and the Foreign Service Training Institute and the Tema-Mkpakadan railway project. Government of India has extended Buyer Credit of around US$ 450 million for the Tema-Mkpakadan railway line through the Exim Bank of India, making it the single largest project under the development cooperation framework. In addition, Government of India has robust capacity building cooperation with Ghana under the Indian Technical & Economic Cooperation Programme and ICCR Scholarships.
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June 2025
