India and Ghana Hold Productive Joint Trade Committee Meeting, Eye Enhanced Bilateral Cooperation

Accra, Ghana: A fruitful Joint Trade Committee (JTC) meeting between India and Ghana took place from May 2nd to 3rd, 2024, in Accra, Ghana, highlighting the shared commitment of both nations to strengthen bilateral trade and investment ties.

Led by Amardeep Singh Bhatia, Additional Secretary of the Department of Commerce, Ministry of Commerce and Industry, Government of India, and Hon. Michael Okyere-Baafi, Deputy Minister for Trade and Industry, Republic of Ghana, the seven-member Indian delegation engaged in comprehensive discussions with their Ghanaian counterparts.

During the deliberations, both sides reviewed recent developments in bilateral trade and investment relations and recognized the immense potential for further expansion. They agreed to expedite the operationalization of the Unified Payment Interface (UPI) of the National Payments Corporation of India (NPCI) on Ghana’s Ghana Interbank Payment and Settlement Systems (GHIPSS) within six months. Additionally, discussions centered on the possibility of a Memorandum of Understanding (MoU) on Digital Transformation Solutions and Local Currency Settlement System, as well as the opportunities presented by the African Continental Free Trade Agreement (AfCFTA).

Identifying key sectors for collaboration, such as pharmaceuticals, healthcare, information and communication technology, agriculture and food processing, renewable energy, power, digital economy, infrastructure, textiles, and garments, both nations underscored their commitment to fostering mutually beneficial partnerships.

The Indian delegation comprised officials from the Geological Survey of India, EXIM Bank, and the Indian Pharmacopoeia Commission, while a business delegation led by the Confederation of Indian Industry (CII) accompanied them. Representatives from diverse sectors, including power, fintech, telecommunications, electrical machinery, and pharmaceuticals, participated in the discussions, emphasizing the multifaceted nature of bilateral cooperation.

Ghana stands as a significant trading partner for India in the African region, with bilateral trade reaching USD 2.87 billion in 2022-23. India’s investments in Ghana span various sectors, making it the third-largest investor in the country, with interests in pharmaceuticals, construction, manufacturing, trade services, agriculture, tourism, and more.