India-Ghana trade exceeds US$5bn ahead of schedule

By Ebenezer NJOKU

Bilateral trade between India and Ghana has surpassed US$5 billion in the current fiscal year, significantly ahead of recent projections as the socioeconomic relationship between both countries has deepened on account of recent high-level engagements.

This was disclosed by the High Commissioner of India to Ghana, Manish Gupta at a reception in Accra to commemorate India’s 77th Republic Day.

“We set an ambitious target to double bilateral trade to US$6 billion in just five years,” he said of the value of trade, which stood at US$3.25 billion at the halfway point of the Indian fiscal year, which began on April 1 and ended on September 30, 2025.

“But I am proud to say that we are much ahead of schedule,” he added.

Nearly US$2 billion in Foreign Direct Investment from India has been committed across more than 900 projects, while an additional US$1 billion has been provided through government-backed lines of credit and buyers’ credit, according to data reported by the B&FT in December 2025.

Investments span sectors including agro-processing, pharmaceuticals, mining, renewable energy, digital infrastructure, and skills development.

“The past year has been a watershed moment for our relations. The state visit of Prime Minister Modi in July 2025 was a defining milestone. India is not just a partner but a co-traveller in Ghana’s development journey. The signing of four pivotal new MOUs, expanding cultural exchange, traditional medicines, standards, and institutional dialogue, further cement a collaboration,” the High Commissioner explained.

The July 2025 state visit by Prime Minister Narendra Modi, the first by an Indian Prime Minister to Ghana in three decades, formally elevated bilateral ties to a Comprehensive Partnership. Four memoranda of understanding were signed, establishing a Joint Commission, formalising cooperation in traditional medicine, launching a cultural exchange programme and harmonising standards to facilitate trade.

High Commissioner Gupta also highlighted India’s domestic economic progress. As of early 2026, India is the world’s fourth-largest economy, having surpassed Japan with a nominal Gross Domestic Product (GDP) in excess of US$4 trillion.

India will overtake Germany to become the world’s third-largest economy by 2027–2028, as its  government has set a target of reaching a US$7.3 trillion GDP by 2030, a goal supported by a projected annual growth rate of roughly 6.5 percent to seven percent, which remains the fastest among the world’s major economies.

“Our nation has surged forward to become a developed India by 2047. Together with Ghana, we represent one-third of humanity, and our partnership is no longer just historical; it is economic, political, and strategic,” Indian diplomat noted.

Minister of Communications, Digital Technology and Innovations, Samuel Nartey George, echoed the view, noting the value of Indian investments and expertise in sectors such as pharmaceuticals, manufacturing, agriculture, energy, banking, information technology, and skills development.

“Ghana deeply appreciates India’s enduring and consistent support for our socio-economic development,” he said.

“These initiatives stand as a visible symbol of India’s partnership in Ghana’s developmental journey, supporting industrialisation, job creation, and capacity building,” he further stated.

He also highlighted Ghana’s interest in deepening cooperation in emerging sectors beyond traditional trade and investment.

“We remain hopeful to expand collaboration in priority areas such as digital transformation, renewable energy, agricultural modernisation, defense and security cooperation, and climate resilience in the coming years. India’s constructive leadership and advocacy for developing countries continue to provide a valuable platform for Ghana at the global level,” he noted.

India’s support extends beyond investment and trade. Technical cooperation programmes, including the Indian Technical and Economic Cooperation (ITEC) and ICCR scholarships, have supported thousands of Ghanaian students and professionals.

The Indian community in Ghana, numbering approximately 15,000, was also highlighted as a ‘living bridge’ for cultural and people-to-people connections, reinforcing social and economic integration.

The post India-Ghana trade exceeds US$5bn ahead of schedule appeared first on The Business & Financial Times.

Read Full Story