May 6th 2024.
On Monday, the Commerce Ministry announced that India and Ghana have come to an agreement to activate the Unified Payment Interface with the Ghana Interbank Payment and Settlement Systems within the next six months. This collaboration will allow for swift and effortless fund transfers for users in both countries.
The decision was reached during the Joint Trade Committee meeting between officials from India and Ghana, which took place in Accra from May 2-3. Apart from discussing the implementation of the Unified Payment Interface, the two countries also explored the possibility of a Memorandum of Understanding on Local Currency Settlement System, digital transformation solutions, and the potential benefits of the African Continental Free Trade Agreement.
This linking of instant payment systems between India and Ghana is just another step in India's expansion of UPI operations. Currently, UPI services are already available in countries like France, UAE, Sri Lanka, and Mauritius. By settling bilateral trade payments in local currencies, both countries hope to reduce their reliance on the US dollar and strengthen their own currencies.
Leading the Indian delegation of seven members was Amardeep Singh Bhatia, Additional Secretary of the Department of Commerce, Ministry of Commerce and Industry. During the meeting, both sides had a comprehensive dialogue and thoroughly reviewed recent developments in bilateral trade and investment ties. They also acknowledged the immense potential for further expansion and identified areas of focus such as pharmaceuticals, healthcare, information and communication technology, agriculture and food processing, renewable energy, power sector, digital economy and digital infrastructure, critical minerals, textiles, and garments.
The Indian delegation also consisted of officials from the Geological Survey of India, EXIM Bank, and the Indian Pharmacopoeia Commission. The JTC was highly engaging, with active participation from both Indian and Ghanaian officials. Additionally, a business delegation led by the Confederation of Indian Industry accompanied the official delegation. This delegation included representatives from various industries like power, fintech, telecommunications, electrical machinery, and pharmaceuticals.
During their visit, the business delegation also had the opportunity to meet with the Secretary-General of AfCFTA (African Continental Free Trade Agreement) and his team of officials. The discussions focused on areas of cooperation such as signing an MoU, setting standards, investments, participation in trade events in India, and strengthening the relationship between India and AfCFTA. They also exchanged the names of nodal officers who will take these discussions forward.
Ghana holds a significant position as a trading partner of India in the African region. In the fiscal year 2022-23, the bilateral trade between the two countries amounted to $2.87 billion. India is also one of the leading investors in Ghana and has emerged as the third-largest investor. These investments cover a wide range of sectors, including pharmaceuticals, construction, manufacturing, trade services, agriculture, and tourism.
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