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India-Ghana agree to strengthen trade ties at 4th joint trade committee meeting in Accra

Ministry of Commerce and Industry (Photo: @DoC_GoI)

The 4th Session of the India-Ghana Joint Trade Committee (JTC) concluded in Accra, with both nations resolving to enhance bilateral trade and investment cooperation. The meeting held from May 2-3 saw fruitful discussions between the Indian delegation, led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry Amardeep Singh Bhatia, and their Ghanaian counterparts, co-chaired by Deputy Minister for Trade and Industry, Republic of Ghana, Michael Okyere-Baafi.

According to a press release by the Ministry of Commerce and Industry, an outcome of the meeting was the agreement 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.

This move aims to streamline digital payments between the two countries, facilitating smoother transactions and trade.

India and Ghana 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 the 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 holds significance as a trading partner for India in the African region, with bilateral trade amounting to USD 2.87 billion in 2022-23.

India stands as one of the leading investors in Ghana, spanning sectors like pharmaceuticals, construction, manufacturing, trade services, agriculture, and tourism.

The 4th Session of the India-Ghana JTC concluded on a positive note, with both sides expressing enthusiasm for greater cooperation.