India and Ghana Strengthen Financial Integration for Enhanced Trade

India and Ghana are poised to integrate their payment systems, UPI and GHIPSS, to facilitate instant and cost-effective fund transfers between the two nations. Within six months, NPCI’s UPI is set to be operational on Ghana’s GHIPSS platform, marking a significant step in financial collaboration.

Exploring Digital Transformation Solutions

Discussions also revolved around potential Memorandum of Understanding on Digital Transformation Solutions, Local Currency Settlement System, and leveraging opportunities under the African Continental Free Trade Agreement (AfCFTA). This signals a strategic intent to harness digital innovations for mutual benefit.

Growing Bilateral Trade

Bilateral trade between India and Ghana has surged to USD 2.87 billion in 2022-23, with Ghana’s exports including gold, cocoa, cashew nuts, and timber products, while India imports pharmaceuticals, agricultural machinery, and other goods. The trade dynamics underscore the significance of the partnership, with India importing gold comprising nearly 80% of its total imports from Ghana.

Expanding International Collaborations

NPCI International’s recent partnership with Bank of Namibia to develop a UPI-like real-time payment system further underscores India’s commitment to fostering financial inclusivity beyond its borders. Similar discussions are underway with Nigeria, reflecting India’s growing footprint in international financial collaborations.

Piyush Shukla

Recent Posts

Italy Clinches Fifth Billie Jean King Cup Title with Paolini’s Dominance

Italy claimed its fifth Billie Jean King Cup title on November 20, 2024, defeating Slovakia…

6 mins ago

Alistair Brownlee Retires: A Triathlon Legend Bids Farewell

Double Olympic champion Alistair Brownlee, a key figure in the rise of British triathlon, announced…

26 mins ago

Tata Power Signs Historic $4.25B Agreement with ADB

Tata Power, a leading integrated power company in India, has signed a memorandum of understanding…

27 mins ago

Eden Gardens to Honour Jhulan Goswami with Stand

India’s legendary cricketer Jhulan Goswami is set to receive a remarkable tribute at the iconic…

49 mins ago

DPIIT Approves Hinduja Group’s IIHL Acquisition of Reliance Capital

The Department for Promotion of Industry and Internal Trade (DPIIT) has granted approval for the…

1 hour ago

Which Country is Known as the Switzerland of the Middle East?

Some countries are given nicknames because of their unique qualities. One such nickname is "Switzerland…

1 hour ago