India and Ghana have been in talks to link their payment systems – Unified Payments Interface (UPI) and Ghana Interbank Payment and Settlement Systems (GHIPSS) respectively to permit users to make instant, low-cost fund transfers.
Details
The two countries have also delved into discussions regarding the possibilities of a Memorandum of Understanding on Digital transformation Solutions; Local Currency Settlement System and the opportunities offered by African Continental Free Trade Agreement (AfCFTA).
What They’re Saying
“They agreed to work expeditiously towards the operationalisation of NPCI’s (National Payments Corporation of India) UPI on Ghana’s GHIPSS within a period of 6 months,” the Department of Commerce said on the social media platform X.
Zoom Out
India’s UPI has already reached countries including Singapore and the UAE. India is also in talks with Nigeria for the same implementation.
NPCI International has recently announced its partnership with Bank of Namibia to support them in developing a UPI-like real-time payment system in the African nation.
By The Numbers
The bilateral trade between India and the West African nation Ghana has increased to $2.87 billion in 2022-2023 from $2.6 billion in 2021-2022.
The trade gap is in the favour of Ghana mainly due to imports of gold by India which accounts for nearly 80% of total imports from Ghana.
The Big Picture
Ghana exports gold, cocoa, cashew nuts, and timber products, among others, to India. It imports pharmaceuticals, agricultural machinery, transport vehicles, electrical equipment, plastics, iron and steel, ethyl alcohol, beverages and spirits, cereals, made-up textiles from India.
Source: NDTV Profit
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