India, Ghana agree to operationalise UPI on Ghana Interbank Payment and Settlement Systems in six months

Both sides explore possibility of MoUs on Digital transformation Solutions and Local Currency Settlement System; opportunities under African Continental Free Trade Agreement also discussed

Digital economy, textiles, renewable energy and healthcare sectors identified as focus areas

A seven-member delegation from India led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, Shri Amardeep Singh Bhatia accompanied by High Commissioner of India to Republic of Ghana, Shri Manish Gupta and Economic Adviser, Department of Commerce, Ms. Priya P. Nair held a Joint Trade Committee (JTC) meeting with their Ghanaian counterparts in Accra from 2^nd to 3^rd May, 2024. The JTC was co-chaired by Deputy Minister for Trade and Industry, Republic of Ghana, Hon. Michael Okyere-Baafi; and Additional Secretary, Department of Commerce, Shri 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 agreed to work expeditiously towards the operationalization of Unified Payment Interface (UPI) of National Payments Corporation of (NPCI) on Ghana’s Ghana Interbank Payment and Settlement Systems (GHIPSS) within a period of 6 months. Both sides delved into discussions regarding the possibilities of a Memorandum of Understanding (MoU) on Digital transformation Solutions; Local Currency Settlement System and also deliberated on the opportunities offered by African Continental Free Trade Agreement (AfCFTA).

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.

Official delegation from India consisted of officials from 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 Confederation of Indian Industry (CII) also accompanied the official delegation with representatives from the varied sectors including power, fintech, Telecommunications, electrical machinery, pharmaceuticals sectors. The delegation including representatives of business also met Secretary General, AfCFTA and his team of officials wherein areas of cooperation including 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 Africa 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, tourism, and more.

The deliberations of the 4^th Session of India-Ghana JTC were cordial and forward-looking, indicative of the amicable and special relations between the two countries. There was enthusiastic response towards greater cooperation in addressing pending issues, boosting trade and investment and enhancing people to people contacts.

Unified Payment Interface operationalisation to enable cross-border payments with Ghana, plus MoUs on digital transformation and local currency settlement. Operationalisation of the Unified Payment Interface on Ghana's interbank settlement system is a near-term priority, with both sides committing to implement UPI connectivity to enable cross-border retail payments; they will also explore Memoranda of Understanding on Digital Transformation Solutions and a Local Currency Settlement System, coordinate on technical standards and nodal-officer level engagement, and pursue sectoral cooperation and business linkages under the AfCFTA framework.