India’s investment footprint in Ghana has grown steadily over the past three decades, with Indian firms now ranking second by project count and eighth by value among all foreign investors in the country, according to a recent policy brief by IMANI Center for Policy and Education.
Between 1994 and 2024, India channelled approximately USD 1.92 billion into 820 registered projects across Ghana. These span diverse sectors including manufacturing, services, agriculture, ICT, construction, tourism, and liaison services, reflecting both the scale and diversity of Indian corporate interest in Ghana’s economy.
IMANI’s brief further notes that India’s foreign direct investment (FDI) flows to Ghana peaked at USD 93.84 million in 2021, representing 7.6% of total FDI that year. This was followed by a dip to USD 32.48 million in 2022, before rebounding to USD 77.93 million in 2023. As of mid-2024, India’s FDI stood at USD 16.46 million, accounting for 2.7% of Ghana’s total.
India’s growing investment presence mirrors deepening bilateral trade ties. Between 2015 and 2023, Ghana’s exports of gold and cocoa to India rose from USD 900 million to USD 1.6 billion, while India’s exports of machinery, pharmaceuticals, and ICT products to Ghana reached USD 1.7 billion.
In the 2024–25 fiscal year, total bilateral trade reached USD 3.14 billion, up from USD 2.24 billion in 2020–21, with Indian exports at USD 1.35 billion and imports at USD 1.79 billion. Gold alone accounted for more than 70 percent of Ghana’s exports to India.
The IMANI brief highlights that this relationship is bolstered by long-standing diplomatic and commercial ties, including initiatives such as the Ghana–India Parliamentary Friendship Society and concessional financing arrangements through India’s Exim Bank. Indian companies have played a prominent role in agro-processing, pharmaceuticals, IT, and infrastructure.
This evolving dynamic is expected to support Ghana’s 24-Hour Economy ambitions, especially under the Make24 and Build24 pillars that aim to drive industrial and infrastructure expansion. According to IMANI, Indian partners are well-positioned to bring in technical capacity, capital, and legislative collaboration aligned with both countries’ long-term goals, Ghana’s “24H+ Vision 2035” and India’s “Vision 2047.”
With bilateral trade approaching USD 4.5 billion and efforts underway to double it to USD 6 billion, India’s role in Ghana’s FDI landscape is expected to deepen further in the years ahead.
