Trade volumes between Ghana and India reached approximately three billion dollars in 2024, with the figure expected to double in the next five years, Mr Shiri Manish Gupta, High Commissioner of India, said on Thursday.

Speaking at the India-Ghana Business Conclave in Accra, he said the target could be reached early, as the figure had already exceeded $3 billion by the first half of 2025.

Highlighting other areas of future collaboration, Mr Gupta reiterated the Indian government’s commitment to supporting Ghana and other African nations to leverage the African Continental Free Trade Area (AfCFTA) through initiatives in 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, which emphasises macroeconomic stability, job creation through a 24-hour economy, and strategic infrastructure development under the ‘Big Push’ initiative,” he said.

“India’s development cooperation is demand-driven and focuses on building local capacity and creating opportunities within Ghana. Our approach is not just to invest but to empower. Together, we progress in an environment of trust and collaboration.”

Mr Gupta cited the recently inaugurated Tema-Mpakadan Railway line as the largest Indian development cooperation project in Ghana, stressing that there were opportunities for more development as both nations continued to deepen economic partnership.

“Nearly $2 billion in Foreign Direct Investment (FDI) in over 900 projects and another US$1 billion through concessional LOCs/Buyers Credit at the intergovernmental level have been Indian investments in Ghana during the last two decades, making it a prime economic partner,” he noted.

The High Commissioner encouraged Indian and Ghanaian businesses to explore innovative avenues for growth and expansion in areas such as agriculture, food processing, skill development, mining and infrastructure.

Highlighting some business challenges, he called for the development of cost-effective logistics chains and a reduction in the cost associated with banking and financial transfers.

“It is equally important to derisk investments, provide effective hand-holding and reduce entry barriers 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 said.

Mr Gupta proposed that India’s Digital Public Infrastructure could be replicated in Ghana and across the sub-region to improve governance, transparency, and inclusion.

“Ghana is at the cusp of an opportunity in the services sector. It has the wherewithal not only to cater to its domestic market but also to emerge as a powerhouse for the subregion,” he said.

“India stands ready to assist by sharing skills, technology, and knowledge transfer in this endeavour,” he added, and commended Indian business for making significant contributions to Ghana’s economy.”

The business conclave provided a platform for open discussion, exploring new areas of collaboration, strengthening business and investment linkages, and highlighting the challenges faced by businesses.

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

He said the 24-Hour Economy programme had secured land, basic infrastructure, and project designs for investor parks across the country.

Mr Tannoh cited the Volta Economic Corridor as one of the government’s major logistics and industrial development plans. He encouraged Indian firms to explore opportunities in production facilities, contract manufacturing, and logistics projects.

Mr Stephane Miezan, the President of the Ghana National Chamber of Commerce and Industry (GNCCI), reiterated the association’s support for local and international businesses.

The forum brought together representatives from leading Indian companies with panellists proposing ideas for growth and enhancing the business environment.