The Commerce Ministry has announced that India and Ghana have agreed to implement the Unified Payment Interface (UPI) with the Ghana Interbank Payment and Settlement Systems within six months. This move will enable users in both countries to instantly transfer money. The decision was made during a Joint Trade Committee (JTC) meeting between officials from India and Ghana in Accra.
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.
Through settling bilateral trade payments in local currencies, the two nations aim to reduce dependence on the US dollar, thereby bolstering the strength of the rupee. Recognizing the significant untapped potential for future growth, both countries conducted a comprehensive review of recent advancements in their bilateral trade and investment relations.
Both parties pinpointed numerous areas ripe for bolstering bilateral trade and mutually advantageous investments. These encompass collaboration in pharmaceuticals, healthcare, information and communication technology, agriculture and food processing, renewable energy, the power sector, the digital economy, digital infrastructure, critical minerals, textiles, and garments, among others.
The official Indian delegation included representatives from the Geological Survey of India, EXIM Bank, and the Indian Pharmacopoeia Commission. Both Indian and Ghanaian officials participated actively in the JTC proceedings. Ghana stands as one of India's key trading partners in the African region. In the fiscal year 2022–2023, bilateral trade between India and Ghana amounted to USD 2.87 billion. As the third-largest investor, India holds significant stature among Ghana's major partner countries.