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India and Ghana stand at the cusp of a potentially transformative partnership, one where Indian investments and Ghanaian resources could align like pieces of a well-crafted puzzle. Prime Minister Narendra Modi’s recent visit to Accra holds the tantalising prospect of mutual gain. Yet, for India, this venture demands a bold, risk-laden strategy. Africa’s complex markets have given India inc mixed results.

India’s history of investments in Africa is mixed. Bharti Airtel, a telecoms giant, reported a profit of $80 million across its African operations in 2025, proving that patience and scale can pay off. Indian pharmaceutical companies have also thrived, supplying affordable generics to a region desperate for healthcare solutions. Yet, the record is far from unblemished. ArcelorMittal’s $900 million iron ore project in Liberia collapsed amid contractual disputes, while ONGC Videsh, India’s state-owned oil firm, has struggled with operational setbacks in Sudan.

Ghana is Africa’s largest gold producer, a commodity already central to the $3 billion bilateral trade recorded in 2024-25. More tantalising still are Ghana’s lithium deposits, a critical mineral for India’s electric vehicle (EV) play. A partnership offers India a foothold in a resource-rich market.

India’s approach has a critical advantage when vying for Africa’s affections. Unlike China, whose Belt and Road Initiative ensnares nations in debt, or the West, burdened by a legacy of exploitation, India is not viewed as a predatory partner. In Ghana, this perception carries weight. President John Dramani Mahama, hosting Modi, invoked their “shared struggles for independence” and “democratic values”, a sentiment bolstered by India’s $280 million in concessional financing for projects like rural electrification and fish-processing plants.

Ghana’s recent economic expansion, projected at 5.5 per cent in 2025, is driven by strong services and industrial sectors, alongside rebounding commodity prices. The government’s fiscal discipline could slash the debt-to-GDP ratio to 75 per cent by 2027, easing the strain. For India, this is a calculated gamble: investing in a recovering nation offers promising entry points, but turning potential into profit will require steady execution.

PM Modi’s visit sealed the deal with agreements in fintech, critical minerals, and cultural exchange, alongside a pledge to double bilateral trade within five years. As the trip concluded, two Ghanaian parliamentarians—one dressed as a bride, the other as a groom—offered a playful symbol of this union. It’s an apt metaphor: Indian investments and trade could usher in a prosperity reminiscent of an Indian wedding, complete with band, baja, and barat. But like any marriage, this partnership will require commitment and care. India must play its hand wisely—Africa’s dance floor is unforgiving, but the music of opportunity is playing loud and clear.

The writer is a senior journalist with expertise in defence. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost’s views.