India and Ghana Strengthen Trade Ties: Set Six-Month Goal for UPI Integration
4th Session of India-Ghana Joint Trade Committee held in Accra
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
During the 4th Session of the India-Ghana Joint Trade Committee held in Accra, India and Ghana have agreed to accelerate the integration of India's Unified Payment Interface (UPI) into Ghana's payment systems within six months. This session also explored potential Memoranda of Understanding on Digital Transformation Solutions and Local Currency Settlement Systems, while assessing opportunities presented by the African Continental Free Trade Agreement.
A seven-member Indian delegation, led by Amardeep Singh Bhatia, Additional Secretary in the Department of Commerce, Ministry of Commerce and Industry, and accompanied by Manish Gupta, High Commissioner of India to Ghana, and Priya P. Nair, Economic Adviser, Department of Commerce, engaged in comprehensive discussions with Ghanaian counterparts. The meeting was co-chaired by Michael Okyere-Baafi, Deputy Minister for Trade and Industry of Ghana, and focused on expanding bilateral trade and investment ties.
Both nations identified several sectors for enhanced collaboration, including pharmaceuticals, healthcare, information and communication technology, agriculture, food processing, renewable energy, the power sector, the digital economy, critical minerals, and textiles.
The Indian delegation included representatives from the Geological Survey of India, EXIM Bank, and the Indian Pharmacopoeia Commission. A business delegation from the Confederation of Indian Industry, representing sectors such as power, fintech, telecommunications, and pharmaceuticals, also participated. This group met with the Secretary-General of the AfCFTA to discuss further cooperation, including setting standards and increasing trade event participation.
Ghana remains a crucial trading partner for India in Africa, with bilateral trade reaching USD 2.87 billion in 2022-23. India is also a leading investor in Ghana, ranking as the third-largest in sectors including pharmaceuticals, construction, manufacturing, and agriculture.
The discussions during the 4th Session were marked by a forward-looking and amicable tone, reflecting the strong and special relations between the two nations. Both sides expressed a keen interest in resolving outstanding issues, boosting trade and investment, and enhancing bilateral engagements.