The Unified Payment Interface (UPI) with the Ghana Interbank Payment and Settlement Systems will be operationalized in six months, according to a Monday announcement from the Commerce Ministry of Ghana and India, enabling instantaneous money transfers between users in the two nations.
The discussions took place between Ghanaian and Indian officials during the May 2-3 Joint Trade Committee (JTC) meeting in Accra.
The two countries also discussed options for digital transformation, the benefits of the African Continental Free Trade Agreement, and the possibility of a Memorandum of Understanding (MoU) on the Local Currency Settlement System (LCCS) in trade, according to the Commerce Ministry.
The linking of Indian and Ghanaian instant payment systems will be the latest in India’s expansion of UPI operations, which are already available in countries such as France, UAE, Sri Lanka and Mauritius.
The move to settle bilateral trade payments between the two countries in local currencies will reduce dependence on the US dollar and help to strengthen the rupee.
A seven-member delegation from India led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, India, Amardeep Singh Bhatia.
In a comprehensive dialogue, both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion.
Both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments. These include cooperation in pharmaceuticals, healthcare, information and communication technology, agriculture and food processing, renewable energy, power sector, digital economy and digital infrastructure, critical minerals, textiles and garments, etc.
An official delegation from India consisted of officials from the Geological Survey of India, EXIM Bank and the Indian Pharmacopoeia Commission. The officials of both India and Ghana actively engaged in the proceedings of the JTC.
A business delegation led by the Confederation of Indian Industry (CII) also accompanied the official delegation with representatives from the varied sectors including power, fintech, Telecommunications, electrical machinery, and pharmaceuticals sectors.
The delegation including representatives of business also met the Secretary-General, AfCFTA and his team of officials wherein areas of cooperation included the signing of an MoU, setting of standards, investments, participation in trade events in India, and increasing the depth of engagement between India and AfCFTA was discussed. Names of nodal officers to take the discussions forward were also exchanged.
Ghana is an important trading partner of India in the African region. Bilateral trade between India and Ghana stood at USD 2.87 billion in 2022-23. India stands as a leading investor in Ghana and emerged as the third-largest investor. These investments traverse diverse sectors, encompassing pharmaceuticals, construction, manufacturing, trade services, agriculture and tourism.
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