India, Ghana look to boost trade ties through digital payments, currency pacts

In wide-ranging discussions, the two sides explored the possibility of signing pacts on digital transformation solutions and a local currency settlement system. They also deliberated on opportunities arising from the African Continental Free Trade Agreement (AfCFTA).

India and Ghana have agreed to work towards operationalizing India’s Unified Payments Interface (UPI) on Ghana’s interbank payment system within the next six months, in a move aimed at boosting bilateral trade and investment ties between the two nations.

The agreement was reached during the 4th session of the India-Ghana Joint Trade Committee meeting held in Accra from May 2-3, attended by a high-level Indian delegation led by Amardeep Singh Bhatia, Additional Secretary in the Department of Commerce, and Ghanaian officials led by Deputy Trade Minister Michael Okyere-Baafi.

In wide-ranging discussions, the two sides explored the possibility of signing pacts on digital transformation solutions and a local currency settlement system. They also deliberated on opportunities arising from the African Continental Free Trade Agreement (AfCFTA).

Both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion.

Bilateral trade between India and Ghana stood at $2.87 billion in 2022-23, with India emerging as the third-largest investor in the West African nation across sectors like pharmaceuticals, construction, manufacturing, trade services, agriculture and tourism.

The meeting identified focus areas for enhancing cooperation, including pharmaceuticals, healthcare, ICT, agriculture and food processing, renewable energy, power, digital economy, critical minerals, textiles and garments.

A business delegation from the Confederation of Indian Industry (CII) also held talks with AfCFTA officials on potential areas of collaboration like signing an MoU, setting standards, promoting investments, and deepening India-AfCFTA engagement.

The deliberations were marked by a cordial and forward-looking approach, reflecting the special relations between India and Ghana and enthusiasm for greater cooperation on pending issues, boosting trade and investment, and enhancing people-to-people contacts.