In a bid to cement the mutually beneficial relationship between Ghana and India, Ghana exports valuable commodities such as gold, cashews, steel, among others to the South Asian country.
This trade dynamic contributes to the economic interconnection between the two nations.
Speaking at the 4th Session of the India-Ghana Joint Trade Committee in Accra on Thursday, May 2, 2024, the Deputy Minister of Trade and Industry, Michael Okyere Baafi, said the trade relations aim at tapping into the investment opportunities in India and vice versa.
He said, "Ghana has also in these past years exported a lot to India in commodities like gold, cashew, steel, other stuff that we believe bring us to a level that India will see us as a friend."
Per records available to GhanaWeb Business, the bilateral trade between India and Ghana crossed US$1 billion in 2011/2012 after the second Joint Trade Committee meeting.
In 2015/2016, the amount increased to US$ 3.6 billion and peaked at US$ 4.4 billion in 2018/2019.
The increase was largely due to a spike in India's imports from Ghana, with gold accounting for 80% of the total imports.
However, bilateral trade decreased from US$2.39 billion in 2019/2020 to US$2.23 billion in 2020/2021, impacted by the COVID-19 pandemic.
Post-pandemic, the trade figures have shown an upward trajectory.
From January 2023 to April 2024, India's imports from Ghana amounted to 1185.45, contributing to a total trade volume of 2074.86.
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