This article sets out the trade and investment relationship between India and Ghana: annual trade figures, the main goods traded, Indian investment in Ghana, the Joint Trade Committee and the business events and delegations recorded in the brief. It is based on the MEA brief of April 2026 published by India's Ministry of External Affairs.

Overview of trade

According to the MEA brief of April 2026, India is among the top trading partners of Ghana and is the largest destination for Ghanaian exports. The brief states that Ghana has a positive trade balance with India, mainly because of large imports of gold by India, which account for over 70% of total imports from Ghana.

Trade figures

The brief gives the following figures from the Department of Commerce, Government of India, in millions of US dollars, for financial years running April to March:

  • 2020-21: India's exports US$ 862.50 million, India's imports US$ 1,374.96 million, total trade US$ 2,237.46 million, balance of trade -512.46.
  • 2021-22: exports US$ 1,109.46 million, imports US$ 1,497.77 million, total trade US$ 2,607.24 million, balance -388.31.
  • 2022-23: exports US$ 964.17 million, imports US$ 1,909.59 million, total trade US$ 2,873.76 million, balance -945.42.
  • 2023-24: exports US$ 1,098.88 million, imports US$ 1,416.90 million, total trade US$ 2,515.78 million, balance -318.02.
  • 2024-25: exports US$ 1,346.75 million, imports US$ 1,790.54 million, total trade US$ 3,137.29 million, balance -443.79.
  • 2025-26 (April to January): exports US$ 1,046.19 million, imports US$ 5,696.26 million, total trade US$ 6,742.45 million, balance -4,650.07.

These are the figures as of the brief; readers who need later data should consult the Department of Commerce.

Main items traded

The brief lists Ghana's main exports to India as gold, cocoa, cashew nuts and timber products.

India's major exports to Ghana include pharmaceuticals, agricultural machinery, transport vehicles, electrical equipment, plastics, iron and steel, ethyl alcohol beverages and spirits, cereals and made-up textiles.

Indian investment in Ghana

The brief states that the exchange of business delegations in recent years has led to an increase in investments by Indian companies in Ghana. Companies named as having established a presence there include Tata, Ashok Leyland, Mahindra & Mahindra, Escorts, Larson & Toubro, NIIT and Shapoorji Pallonji, as well as several pharmaceutical companies. Indian companies in the SME and agriculture sectors are also increasing their presence.

The brief cites the Ghana Investment Promotion Centre (GIPC) for the following:

  • Indian companies invested in 820 projects aggregating to US$ 1.92 billion between 1994 and 2024.
  • In 2021, FDI from India was US$ 93.84 million in 25 projects, representing 7.61% of Ghana's total FDI of US$ 1,298.66 million in 271 projects.
  • In 2022, FDI from India was US$ 32.48 million in 21 projects.
  • In 2023, FDI from India was US$ 77.93 million in 13 projects.
  • In 2024, FDI from India was US$ 16.46 million in 12 projects.

According to the GIPC's most recent report as cited in the brief, India held 2nd place in 2024 by number of projects (after China) and 8th place by value of FDI, the top three by value being the Netherlands, Egypt and Spain. The brief states that India's share was 2.67% of the US$ 617.61 million of FDI Ghana received in 2024. The Indian projects were in manufacturing, services, general trading, export trade, agriculture, building and construction, tourism and liaison.

Trade agreements and the Joint Trade Committee

A Bilateral Trade Agreement was signed on 12 October 1981 during President Limann's visit to India, and a Joint Trade Committee (JTC) was established under it. The JTC has met four times:

  • 1st JTC: Accra, September 1992.
  • 2nd JTC: Delhi, 20-21 January 2011.
  • 3rd JTC: New Delhi, 21 July 2022, chaired by the Joint Secretary (FT-Africa) and Deputy Minister for Trade and Industry Mr. Michael Okyere Baafi.
  • 4th JTC: Accra, 2 May 2024, chaired by Mr. Michael Okyere Baafi and Mr. Amardeep Singh Bhatia, Addl. Secretary, Ministry of Commerce. A 19-member CII delegation attended.

On standards, the Bureau of Indian Standards (BIS) and the Ghana Standards Authority (GSA) signed an MoU on 29 January 2013. A new MoU was signed on 18 July 2018 during Foreign Minister Shirley Ayorkor Botchwey's visit to India, and a further BIS-GSA MoU was signed during Prime Minister Modi's visit to Ghana in July 2025.

CII-Exim Bank Conclave and CII India-Africa Business Conclave

The brief records that the Annual CII-Exim Bank Conclave on India-Africa Project Partnership has seen high-level participation from Ghana:

  • 12th Conclave, March 2017: Speaker of the Ghanaian Parliament Mr. Mike Oquaye, accompanied by the Minister of Food and Agriculture.
  • 13th Conclave, 25-27 March 2018: a delegation led by the Minister of Business Development.
  • 14th Conclave, 17-19 March 2019: Vice President Dr. Mahamudu Bawumia as Guest of Honour.
  • 15th Conclave, 22-24 September 2020 (virtual): addressed by the Minister of Railways, Mr. Joe Ghartey, and the Deputy Minister for Trade and Industry.
  • 16th Conclave, 13-15 July 2021 (digital): addressed by Trade and Industry Minister Mr. Alan Kyerematan, as well as the Deputy Foreign Minister, the Deputy Minister of Energy and the Deputy Minister of Railways.
  • 17th Conclave, New Delhi, 19-20 July 2022: attended by Minister of Fisheries and Aquaculture Ms. Mavis Hawa Koomson.
  • 19th CII India-Africa Business Conclave, New Delhi, 20-22 August 2024: a delegation of four Ministers: Dr. Stephen Amoah, Deputy Minister of Finance; Mr. Kwaku Ampratwum-Sarpong, Deputy Minister of Foreign Affairs and Regional Integration; Mr. Michael Okyere Baafi, Deputy Minister for Trade and Industry; and Mr. Mohammed Hardi Tufeiru, Deputy Minister for Food and Agriculture.
  • 20th CII India-Africa Business Conclave, New Delhi, 27-29 August 2025: a delegation of three Ministers: Mr. Samson Ahi, Deputy Trade Minister, representing the Vice President of Ghana; Mr. Joseph Nelson, Western Regional Minister; and Dr. Abdul Rashid Hassan Pelpuo, Minister of Labour, Jobs, and Employment.

Business mechanisms and events

The Indian High Commission launched the India-Business Forum (IBF) in Ghana on 23 November 2020. It organised an India-Ghana Business Summit on "Strengthening India-Ghana Business Relations Post-Covid" with the Association of Ghana Industries on 6 April 2022, and an India-Ghana Pharma Business Summit with the Ghana National Chamber of Pharmacy on 13 December 2022.

In 2025 the High Commission held two India-Ghana Business Conclaves at the Accra Marriott Hotel: on 27 February 2025 with the Association of Ghana Industries (AGI), and on 11 December 2025 with the Ghana National Chamber of Commerce and Industry (GNCCI), under the theme "Expanding India-Ghana Business Synergies for Inclusive Growth". The brief notes that the second was held ahead of the upcoming meeting of the JTC.

Other exchanges recorded in the brief include:

  • a Boardroom Interactive Discussion on "New Horizons for India-Ghana Trade, Economic and Investment Ties", organised by the Indian Mission on 29 February 2024;
  • a 13-member delegation from the Indian Economic Trade Organisation (IETO) in Ghana from 18-24 February 2024;
  • a visit to Ghana by Job and Economic Transformation (JET) for the Second Automotive Trade Mission, with a 10 Indian company delegation, from 26-29 February 2024;
  • 56 Indian companies at the 3rd Agritech West Africa exhibition in Accra from 19-21 March 2024;
  • Ghanaian delegations at Bharat Telecom in New Delhi (29-30 January 2024 and 6-7 May 2025) and at the Indo Global SME Chamber (6-11 February 2024);
  • a 7-member Ghanaian business delegation at the 3rd Global Textile Technology and Engineering Show (GTTES 2025) in Mumbai from 21-23 February;
  • a 40-member Indian delegation at the 4th West Africa Pharma and Healthcare Expo from 6-8 May 2025;
  • the maiden West Africa Natural Health and Wellness Expo in Accra on 26-27 February 2026, with around 1000 visitors and Indian exhibitors of Ayurveda and natural wellness products.

At ministerial level, Ghana's Deputy Minister of Trade attended the Informal Gathering of Ministers responsible for WTO in New Delhi (19-20 March 2018). Deputy Minister for Trade and Industry Mr. Michael Okyere Baafi took part virtually in the 3rd Voice of Global South Summit on 17 August 2024, on the theme "Trade for Development: Perspectives from Global South".

Private sector agreement of March 2026

On 5 March 2026, an Indian company, ATRI Energy Transition Private Limited, and Ghana's 24-Hour Economy Secretariat signed an MoU on renewable energy and agricultural initiatives. According to the brief, the partnership envisages developing 2,000 MW of renewable power over five years, establishing agro-ecological zones, expanding plantations across 40,000 hectares and improving transport infrastructure. The brief states that the initiative is expected to create around 160,000 jobs.