This work deals with the challenge of learning and reasoning over multi-modal multi-hop question answering (QA). We propose a graph reasoning network based on the semantic structure of the sentences to learn multi-source reasoning paths and find the supporting facts across both image and text modalities for answering the question. In this paper, we investigate the importance of graph structure for multi-modal multi-hop question answering. Our analysis is centered on WebQA. We construct a strong baseline model, that finds relevant sources using a pairwise classification task. We establish that, with the proper use of feature representations from pre-trained models, graph structure helps in improving multi-modal multi-hop question answering. We point out that both graph structure and adjacency matrix are task-related prior knowledge, and graph structure can be leveraged to improve the retrieval performance for the task. Experiments and visualized analysis demonstrate that message propagation over graph networks or the entire graph structure can replace massive multimodal transformers with token-wise cross-attention. We demonstrated the applicability of our method and show a performance gain of \textbf{4.6$\%$} retrieval F1score over the transformer baselines, despite being a very light model. We further demonstrated the applicability of our model to a large scale retrieval setting.