Source: IANS

India and Ghana have agreed to operationalise Unified Payment Interface (UPI) with Ghana Interbank Payment and Settlement Systems within six months to enable instant fund transfers for users in both countries, the Commerce Ministry said today.       

The discussions were part of a joint trade committee (JTC) meeting between Indian and Ghanaian officials in Accra from May 2-3.

Both countries also discussed the possibilities of a Memorandum of Understanding (MoU) on Local Currency Settlement System (LCCS) in trade, digital transformation solutions and the opportunities offered by the African Continental Free Trade Agreement, the ministry said.

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 France, UAE, Sri Lanka and Mauritius.

The move to settle bilateral trade payments between the two countries in local currencies will reduce dependence on the US dollar and help strengthen the rupee.

The seven-member delegation from India was led by additional secretary, department of commerce, ministry of commerce and industry, India, 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 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.

A delegation from India comprised officials from the Geological Survey of India, EXIM Bank and Indian Pharmacopoeia Commission. The officials of both India and Ghana actively engaged in the proceedings of the JTC.

Ghana is an important trading partner of India in the African region. Bilateral trade between India and Ghana stood at US$2.87 billion in 2022-23. India stands as a leading investor in Ghana and has emerged as the third-largest investor. These investments traverse diverse sectors, encompassing pharmaceuticals, construction, manufacturing, trade services, agriculture and tourism.

(Source: IANS)

- Edited for style

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