According to the Commerce Ministry on Monday, India and Ghana have decided to operationalize the Unified Payment Interface (UPI) with the Ghana Interbank Payment and Settlement Systems within six months to allow users in both countries to send money instantly.
The talks took place during the May 2-3 Joint Trade Committee (JTC) meeting between Ghanaian and Indian officials in Accra.
According to the Commerce Ministry, the two nations also talked about the potential for a Memorandum of Understanding (MoU) on the Local Currency Settlement System (LCCS) in trade, digital transformation options, and the advantages provided by the African Continental Free Trade Agreement.
The latest development in India’s UPI expansion—which is already available in nations like France, the United Arab Emirates, Sri Lanka, and Mauritius—will be the linking of the instant payment systems of Ghana and India.
By settling bilateral trade payments in local currencies, the two nations will become less reliant on the US dollar, which will strengthen the rupee.
a delegation of seven people from India, led by Amardeep Singh Bhatia, Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, India.
Both sides recognized the enormous unrealized potential for future growth and conducted a thorough examination of the recent developments in bilateral trade and investment ties in a thorough dialogue.
In order to improve mutually beneficial investments as well as bilateral trade, both parties identified a number of priority areas. 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.
Representatives from the Indian Pharmacopoeia Commission, EXIM Bank, and the Geological Survey of India comprised the official delegation from India. Both Indian and Ghanaian officials participated actively in the JTC proceedings.
Alongside the official delegation was a business delegation headed by the Confederation of Indian Industry (CII), which included representatives from a range of industries, including the power, fintech, telecommunications, electrical machinery, and pharmaceutical sectors.
The delegation, which included business representatives, also met with the Secretary-General of the AfCFTA and his team of officials. Topics of cooperation that were discussed included signing an MOU, establishing standards, investing, taking part in trade shows in India, and deepening the level of engagement between AfCFTA and India. Additionally, the names of the nodal officers for advancing the talks were shared.
Ghana is one of India’s main trading partners in Africa. In 2022–2023, India and Ghana’s bilateral trade was valued at USD 2.87 billion. India is currently the third-largest investor in Ghana and is one of the major investors. These investments span a wide range of industries, including manufacturing, trade services, construction, pharmaceuticals, and tourism.
(This story is automatically generated from a syndicated feed; it has not been edited by NDTV staff.)
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