India and Ghana to focus on enhancing bilateral trade, mutually beneficial investments
India and Ghana have agreed to work expeditiously towards the operationalization of Unified Payment Interface (UPI) of National Payments Corporation of (NPCI) on Ghana’s Ghana Interbank Payment and Settlement Systems (GHIPSS) within a period of 6 months, the Ministry of Commerce & Industry said in Monday (May 6, 2024).
Detailed discussions on this issue were held at the Joint Trade Committee (JTC) meeting between senior Indian officials and with their Ghanaian counterparts in Accra on May 2-3, 2024.
The development is the latest example of UPI's rapidly gaining momentum in different parts of the world over the last few years. UPI is now available in countries such as France, Singapore, the United Arab Emirates, Sri Lanka, and Nepal.
UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
Focus on Enhancing Trade and Investment 
During the India-Ghana JTC, both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion, the Ministry of Commerce & Industry said.
According to the ministry, both sides explored the possibilities of a Memorandum of Understanding (MoU) on Digital transformation Solutions; Local Currency Settlement System and also deliberated on the opportunities offered by African Continental Free Trade Agreement (AfCFTA).
They also identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments. These include 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.
The seven-member delegation from India was led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, Amardeep Singh Bhatia. He was accompanied by High Commissioner of India to the Republic of Ghana, Manish Gupta and Economic Adviser, Department of Commerce, Priya P Nair. The JTC was co-chaired by Deputy Minister for Trade and Industry, Republic of Ghana, Michael Okyere-Baafi, and Additional Secretary Commerce Bhatia.
The official delegation from India included officials from the Geological Survey of India, EXIM Bank and the Indian Pharmacopoeia Commission. A business delegation led by Confederation of Indian Industry (CII) also accompanied the official delegation with representatives from the varied sectors including power, fintech, Telecommunications, electrical machinery, pharmaceuticals sectors. 
The delegation including representatives of business also met Secretary General, AfCFTA and his team of officials wherein areas of cooperation including signing of an MoU, setting of standards, investments, participation in trade events in India, and increasing the depth of engagement between India and AfCFTA was discussed. Names of nodal officers to take the discussions forward were also exchanged.
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. These investments traverse diverse sectors, encompassing pharmaceuticals, construction, manufacturing, trade services, agriculture, tourism, and more.
"The deliberations of the 4th Session of India-Ghana JTC were cordial and forward-looking, indicative of the amicable and special relations between the two countries. There was enthusiastic response towards greater cooperation in addressing pending issues, boosting trade and investment and enhancing people to people contacts," the Ministry of Commerce & Industry said.