- By Anushka Vats
- Mon, 06 May 2024 05:37 PM (IST)
- Source:JND
The Commerce Ministry announced on Monday that India and Ghana have decided to operationalise 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 decision was taken as a part of a Joint Trade Committee (JTC) meeting between Indian and Ghanaian officials in Accra from May 2-3.
According to the ministry, the potential for a Memorandum of Understanding (MoU) on the Local Currency Settlement System (LCCS) in trade, digital transformation solutions, and the advantages provided by the African Continental Free Trade Agreement were also discussed in the meeting by both nations.
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.
By settling bilateral trade payments in local currencies, the two nations will become less reliant on the US currency, which will strengthen the rupee.
Both countries recognised the enormous untapped opportunity for future growth and conducted a thorough examination of the recent advancements in bilateral trade and investment ties.
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.
Ghana is one of India's main trading partners of India in the African region. In 2022–2023, India and Ghana's bilateral trade was valued at USD 2.87 billion. As the third-largest investor, India is one of the major countries in Ghana.
