India and Ghana agree for early implementation of UPI on Ghana interbank payment systems
- In Reports
- 02:47 PM, May 07, 2024
- Myind Staff
India and Ghana are collaborating to connect their payment systems UPI and Ghana Interbank Payment and Settlement Systems (GHIPSS) – enabling users to conduct instant, cost-effective fund transfers reciprocally.
Discussions between the two nations have also explored the potential for a Memorandum of Understanding on Digital Transformation Solutions, Local Currency Settlement System, and the opportunities presented by the African Continental Free Trade Agreement (AfCFTA).
The Department of Commerce announced on the social media platform X that they have agreed to swiftly progress towards making NPCI's UPI operational on Ghana's GHIPSS within a span of 6 months.
India's UPI has expanded its reach to countries such as Singapore and the UAE, with ongoing discussions also taking place with Nigeria for similar integration. These matters were addressed during the visit of a seven-member Indian delegation, headed by Additional Secretary in the Department of Commerce, Amardeep Singh Bhatia, to Accra, Ghana on May 2-3.
NPCI International has announced a recent partnership with the Bank of Namibia to assist in the development of a UPI-like real-time payment system in the African nation.
The bilateral trade between India and the West African nation Ghana increased to USD 2.87 billion in 2022-23 from USD 2.6 billion in 2021-22. Ghana benefits from a trade surplus, largely attributed to India's imports of gold, which constitute nearly 80 percent of total imports from Ghana.
Ghana exports a range of products to India, including gold, cocoa, cashew nuts, and timber products. Conversely, it imports various goods from India, such as pharmaceuticals, agricultural machinery, transport vehicles, electrical equipment, plastics, iron and steel, ethyl alcohol, beverages and spirits, cereals, and made-up textiles.
Image source: The Economic Times
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