The 4th Session of the India-Ghana Joint Trade Committee (JTC) held in Accra was marked by significant agreements and discussions aimed at strengthening bilateral trade and investment ties between the two countries. Led by a seven-member delegation from India, the meeting saw productive engagements between Indian and Ghanaian officials.
Key highlights of the session include:
- Operationalization of UPI on Ghana’s GHIPSS: Both India and Ghana agreed to collaborate towards operationalizing the Unified Payment Interface (UPI) on Ghana’s Ghana Interbank Payment and Settlement Systems (GHIPSS) within six months. This move aims to enhance digital payment systems and facilitate smoother financial transactions between the two countries.
- Exploration of MoUs on Digital Transformation Solutions and Local Currency Settlement System: Discussions were held regarding the possibility of signing Memorandums of Understanding (MoUs) on Digital Transformation Solutions and Local Currency Settlement Systems. These agreements would contribute to the modernization of various sectors and facilitate smoother trade and investment processes.
- Focus Areas Identified: Both sides identified several focus areas for cooperation, including the digital economy, textiles, renewable energy, healthcare, pharmaceuticals, information and communication technology (ICT), agriculture and food processing, power sector, and digital infrastructure. These sectors offer significant opportunities for mutual growth and collaboration.
- Business Delegation Accompanied the Official Delegation: A business delegation led by the Confederation of Indian Industry (CII) accompanied the official delegation. Representatives from various sectors, including power, fintech, telecommunications, electrical machinery, and pharmaceuticals, participated in discussions aimed at enhancing business ties and exploring investment opportunities.
- Bilateral Trade and Investment: Bilateral trade between India and Ghana stood at USD 2.87 billion in 2022-23, highlighting the importance of Ghana as a trading partner for India in the African region. India has emerged as a leading investor in Ghana, with investments spanning across sectors such as pharmaceuticals, construction, manufacturing, trade services, agriculture, and tourism.
Overall, the session underscored the commitment of both countries to furthering their economic partnership and fostering greater cooperation across various sectors. The discussions were characterized by cordiality and a forward-looking approach, reflecting the strong and special relations between India and Ghana.
***
Ministry of Commerce & Industry
4th Session of India-Ghana Joint Trade Committee held in Accra
India, Ghana agree to operationalise UPI on Ghana Interbank Payment and Settlement Systems in six months
Both sides explore possibility of MoUs on Digital transformation Solutions and Local Currency Settlement System; opportunities under African Continental Free Trade Agreement also discussed
Digital economy, textiles, renewable energy and healthcare sectors identified as focus areas
Posted On: 06 MAY 2024 1:46PM by PIB Delhi
A seven-member delegation from India led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, Shri Amardeep Singh Bhatia accompanied by High Commissioner of India to Republic of Ghana, Shri Manish Gupta and Economic Adviser, Department of Commerce, Ms. Priya P. Nair held a Joint Trade Committee (JTC) meeting with their Ghanaian counterparts in Accra from 2nd to 3rd May, 2024. The JTC was co-chaired by Deputy Minister for Trade and Industry, Republic of Ghana, Hon. Michael Okyere-Baafi; and Additional Secretary, Department of Commerce, Shri Amardeep Singh Bhatia.
In a comprehensive dialogue, both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion. Both sides 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. Both sides delved into discussions regarding 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).
Both sides 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, etc.
Official delegation from India consisted of officials from Geological Survey of India, EXIM Bank and the Indian Pharmacopoeia Commission. The officials of both India and Ghana actively engaged in the proceedings of the JTC.
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 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.
