India, Ghana to Link UPI Systems Within 6 Months
India and Ghana have agreed to operationalize India's Unified Payment Interface (UPI) with the Ghana Interbank Payment and Settlement Systems (GhIPSS) within the next six months. This move will facilitate instant fund transfers for users in both countries, according to the Indian Commerce Ministry. The agreement was reached during a Joint Trade Committee (JTC) meeting in Accra from May 2-3, where Indian and Ghanaian officials discussed various initiatives to strengthen bilateral economic ties.
The linking of Indian and Ghanaian instant payment systems expands India's UPI operations, which are already active in countries such as France, the UAE, Sri Lanka, and Mauritius. This collaboration will further promote digital transformation solutions and enable instant cross-border transactions.
In addition to operationalizing UPI, discussions between India and Ghana included the possibility of a Memorandum of Understanding (MoU) on a Local Currency Settlement System (LCSS) in trade, aimed at reducing dependency on the US dollar and bolstering the strength of the Indian rupee. The two countries also explored opportunities offered by the African Continental Free Trade Agreement (AfCFTA).
Both sides reviewed recent developments in bilateral trade and investment ties and identified key areas for growth, such as pharmaceuticals, healthcare, information and communication technology, agriculture and food processing, renewable energy, power, and digital economy infrastructure. Critical minerals, textiles, and garments were also cited as potential areas for cooperation.
India's seven-member delegation was led by Amardeep Singh Bhatia, Additional Secretary of the Department of Commerce, Ministry of Commerce and Industry. The delegation included representatives from various sectors, such as power, fintech, telecommunications, electrical machinery, and pharmaceuticals.
The delegation also met with AfCFTA Secretary-General and his team, discussing potential cooperation on signing MoUs, setting standards, investments, and enhancing engagement between India and AfCFTA. Names of nodal officers were exchanged to advance the discussions.
Ghana is a key trading partner for India in the African region, with bilateral trade reaching USD 2.87 billion in 2022-23. India is a leading investor in Ghana, ranking as the third-largest investor in the country across diverse sectors, including pharmaceuticals, construction, manufacturing, trade services, agriculture, and tourism.
The JTC meeting signifies a promising step toward strengthening the economic relationship between India and Ghana. Through these collaborative efforts, both countries aim to unlock new opportunities and foster deeper engagement across various industries.
