India, Ghana discuss UPI operationalisation, local currency settlement

India and Ghana have agreed to work towards operationalisation 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 six months.

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This was decided at the fourth session of India-Ghana Joint Trade Committee held in Accra last week, per a statement issued by the Commerce Department on Monday.

“Both sides (also) delved into discussions regarding the possibilities of a MoU on digital transformation solutions and Local Currency Settlement System and also deliberated on the opportunities offered by African Continental Free Trade Agreement (AfCFTA),” the statement noted.

A seven-member delegation from India, led by Commerce Additional Secretary Amardeep Singh Bhatia, participated in the India-Ghana JTC in Accra on May 2-3.  The JTC was co-chaired by Ghana’s Deputy Minister for Trade and Industry Michael Okyere-Baafi and Bhatia.

The two side considered 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 and textiles & garments.

• Also read:Industry keenly awaiting implementation of 30% UPI market share cap by NPCI

Officials from Geological Survey of India, EXIM Bank and the Indian Pharmacopoeia Commission were also part of India’s official delegation.