India, Ghana agree to operationalise UPI link in 6 months

Last Updated08/05/2024

India and Ghana have agreed to work towards the operationalisation of India’s payment system Unified Payment Interface (UPI) on Ghana Interbank Payment and Settlement Systems (GHIPSS) within six months.

The discussion was a part of the Joint Trade Committee (JTC) meeting.
- A delegation from India met their Ghanaian counterparts in Accra.
Both sides delved into discussions regarding the possibilities of a Memorandum of Understanding (MoU)
- On Digital transformation Solutions;
- Local Currency Settlement System
- Also deliberated on the opportunities offered by African Continental Free Trade Agreement (AfCFTA),
Both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments.
Both Countries seem to Enhance 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
Ghana is an important trading partner of India in the Africa region.
Bilateral trade between India and Ghana stood at USD 2.87 billion in 2022-23.
India stands as a leading investor in Ghana and emerged as the third-largest investor.