The 4th session of the India-Ghana Joint Trade Committee (JTC) recently concluded in Accra, with both nations resolving to enhance bilateral trade and investment cooperation.
According to a press release from the Ministry of Commerce and Industry, during the two-day meeting from May 2-3, India and Ghana agreed to operationalize the Unified Payment Interface (UPI) of the National Payments Corporation of India (NPCI) on Ghana’s Interbank Payment and Settlement Systems (GHIPSS) within six months.
The two countries also explored the possibility of signing Memorandums of Understanding (MoUs) on Digital Transformation Solutions and the local currency settlement system.
Additionally, discussions were held on leveraging opportunities under the African Continental Free Trade Agreement (AfCFTA).
Both nations identified key sectors for collaboration, including digital economy, textiles, renewable energy, and healthcare.
Cooperation in pharmaceuticals, information and communication technology, agriculture, food processing, power sector, critical minerals, and textiles and garments were also highlighted for enhancing bilateral trade and investment.
The Indian delegation included officials from the Geological Survey of India, EXIM Bank, and the Indian Pharmacopoeia Commission, reflecting India’s diverse interests in Ghana.
A business delegation led by the Confederation of Indian Industry (CII) accompanied the official delegation, comprising representatives from various sectors such as power, fintech, telecommunications, electrical machinery, and pharmaceuticals.
The business delegation met with the Secretary-General of AfCFTA to discuss cooperation in setting standards, investments, and increasing engagement between India and AfCFTA. Nodal officers were designated to advance discussions on various aspects of cooperation.
Ghana is a key trading partner for India in the African region, with bilateral trade amounting to USD 2.87 billion in 2022-23.
India is one of the leading investors in Ghana, with investments spanning across sectors such as pharmaceuticals, construction, manufacturing, trade services, agriculture, and tourism.
