India-Ghana Joint Trade Committee Holds 4th Session in Accra
Context:
Recently, the 4th Session of the India-Ghana Joint Trade Committee convened in Accra, marking another milestone in the bilateral relationship between the two nations.
Relevance:
GS-2 (International Relations)
Key highlights:
- During the meeting, both delegations conducted a comprehensive review of recent developments in bilateral trade and investment relations. Recognizing the significant untapped potential for further growth, both sides expressed commitment to fostering deeper economic ties.
- The commitment to fast-track the operationalization of the Unified Payment Interface (UPI) developed by the National Payments Corporation of India (NPCI) on Ghana’s Ghana Interbank Payment and Settlement Systems (GHIPSS) within a timeframe of six months was the key component. It aims to streamline payment processes and facilitate smoother financial transactions between the two countries.
- Additionally, discussions centered on exploring the prospects of signing a Memorandum of Understanding (MoU) on Digital Transformation Solutions and Local Currency Settlement System.
- Deliberations also revolved around the opportunities presented by the African Continental Free Trade Agreement (AfCFTA), underlining the shared commitment to leveraging regional trade integration for mutual benefit.
- Both parties identified key areas for enhancing bilateral trade and fostering mutually beneficial investments. These areas span a wide spectrum, including pharmaceuticals, healthcare, information and communication technology (ICT), agriculture and food processing, renewable energy, power sector, digital economy, digital infrastructure, critical minerals, textiles, and garments.
India-Ghana Relations:
- Bilateral trade between the two countries amounted to USD 2.87 billion in 2022-23.
- India’s investment footprint in Ghana has also been substantial, positioning India as the third-largest investor in the country. These investments span various sectors, including pharmaceuticals, construction, manufacturing, trade services, agriculture, and tourism, among others.
- The 4th Session of the India-Ghana Joint Trade Committee reaffirms the commitment of both nations to deepen economic cooperation and explore new avenues for collaboration, thereby fostering prosperity and development for their respective populations.
- Ghana has rich mineral resources such as gold, diamonds, manganese, limestone, bauxite, iron ore as well as various clays and granite deposits. Ghana is the second largest producer of gold in Africa.
