India-Ghana agree to strengthen trade ties at 4th Joint Trade Committee meeting in Accra

The fourth session of the India-Ghana Joint Trade Committee (JTC) concluded in Accra, in which both the countries resolved to enhance bilateral trade and investment cooperation. The meeting held on 2-3 May witnessed fruitful discussions between the Indian delegation led by Amardeep Singh Bhatia, Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, and their Ghanaian counterparts, co-chaired by the Deputy Minister of Trade and Industry. Republic of Ghana, Michael Okere-Baafi.

According to a press release from the Ministry of Commerce and Industry, the outcome of the meeting was an agreement to operationalize the Unified Payment Interface (UPI) of the National Payments Corporation of India (NPCI) on the Ghana Interbank Payment and Settlement System (GHIPS). Within six months.

The move aims to streamline digital payments, facilitate easier transactions and trade between the two countries.

India and Ghana explored the possibility of signing a Memorandum of Understanding (MoU) on Digital Transformation Solutions and Local Currency Settlement System.

Additionally, leveraging opportunities under the African Continental Free Trade Agreement (AfCFTA) was also discussed.

The two countries identified key areas for cooperation, 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 apparel was also highlighted to enhance 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, which included representatives from various sectors such as power, fintech, telecom, electrical machinery and pharmaceuticals.

The trade delegation met the Secretary General of AfCFTA to discuss cooperation in standard setting, investment and growing partnership between India and AfCFTA. Nodal officers were designated to take forward discussions on various aspects of cooperation.

With bilateral trade expected at US$2.87 billion in 2022-23, Ghana holds importance as a trading partner for India in the African region.

India is one of the leading investors in Ghana in sectors such as pharmaceuticals, construction, manufacturing, business services, agriculture and tourism.

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