India and Ghana agree to operationalise UPI link within six months

India and Ghana also discussed the potential of a Memorandum of Understanding (MoU) on digital transformation solutions and a local currency settlement system

India and Ghana have agreed to work ‘expeditiously’ towards the operationalisation of India’s instant 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 held from May 2 and May 3. A seven-member delegation from India met their Ghanaian counterparts in Accra, capital of the African nation.

The development comes against the backdrop of UPI rapidly gaining momentum, especially over the past five-six years. This has resulted in UPI being available in countries like Sri Lanka, United Arab Emirates, Nepal, among other nations.

India and Ghana discussed the possibilities of a Memorandum of Understanding (MoU) on digital transformation solutions, local currency settlement system and deliberated on the opportunities offered by the African Continental Free Trade Agreement (AfCFTA), the commerce department said on Monday. 

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Both sides identified several areas of focus for enhancing bilateral trade as well as mutually beneficial investment, including 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, among others.

A business delegation led by the Confederation of Indian Industry (CII) also accompanied the official delegation with representatives from various sectors. The delegation including representatives of business also met Secretary General, AfCFTA and his team of officials wherein areas of cooperation including signing a MoU, setting standards, investments, participation in trade events in India, and increasing the depth of engagement between India and AfCFTA was discussed,” an official statement said.

The bilateral trade between India and Ghana stood at $2.87 billion in 2022-23. India is also the third-largest investor in Ghana. These investments traverse diverse sectors, including pharmaceuticals, construction, manufacturing, trade services, agriculture, and tourism, among others.