The 4th Session of the India-Ghana Joint Trade Committee (JTC) wrapped up in Accra, with both nations committed to boosting bilateral trade and investment collaboration. Productive deliberations occurred on May 2-3 between the Indian delegation, headed by Amardeep Singh Bhatia, Additional Secretary of the Department of Commerce, Ministry of Commerce and Industry, and their Ghanaian counterparts, co-led by Michael Okyere-Baafi, Deputy Minister for Trade and Industry, Republic of Ghana.
As per a statement from the Ministry of Commerce and Industry, a significant outcome of the meeting was the decision to activate India’s Unified Payment Interface (UPI) on Ghana’s Interbank Payment and Settlement Systems (GHIPSS) within six months. This initiative aims to streamline digital payments between the two countries, easing transactions and trade processes.
India and Ghana explored potential agreements on Digital Transformation Solutions and local currency settlement systems, while also discussing opportunities presented by the African Continental Free Trade Agreement (AfCFTA). Both countries pinpointed crucial areas for cooperation, such as the digital economy, textile industry, renewable energy, and healthcare.
Enhancing bilateral trade and investment was also emphasized in pharmaceuticals, information and communication technology, agriculture, food processing, power sector, critical minerals, textiles, and garments.
The Indian delegation comprised representatives from the Geological Survey of India, EXIM Bank, and the Indian Pharmacopoeia Commission, reflecting India’s diverse interests in Ghana. Accompanying them was a business delegation led by the Confederation of Indian Industry (CII), including sectors such as power, fintech, telecommunications, electrical machinery, and pharmaceuticals.
This business delegation engaged with the Secretary-General of AfCFTA to discuss cooperation in setting standards, investments, and increasing engagement between India and AfCFTA. Nodal officers were appointed to drive discussions on various cooperation aspects.
Ghana holds strategic importance as a trading partner for India in Africa, with bilateral trade reaching USD 2.87 billion in 2022-23. India possesses significant investments in various sectors in Ghana, including pharmaceuticals, construction, manufacturing, trade services, agriculture, and tourism.
The 4th Session of the India-Ghana JTC concluded positively, with both sides eager for deeper collaboration and cooperation in the future.
