Ghana and India have agreed to implement India’s UPI on Ghana’s GHIPSS for low-cost fund transfers within six months. Discussions at a Joint Trade Committee meeting in Accra also explored signing an MoU on digital transformation, local currency settlement, and collaboration in sectors like pharmaceuticals, healthcare, IT, and renewable energy to boost bilateral trade and investments.
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India’s Unified Payments Interface (UPI) serves as an instant payment system and protocol enabling inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions, developed by the National Payments Corporation of India (NPCI) in 2016.
Following the delegation’s visit, both countries committed to expediting the operationalization of NPCI’s UPI on Ghana’s GHIPSS within six months. This move underscores the ongoing collaboration between India and Ghana, extending into various sectors including commerce, information and communication technology (ICT), and development initiatives facilitated by programmes like the Indian Technical and Economic Cooperation.
India’s assistance in developing Ghana’s ICT infrastructure, such as the India-Ghana Kofi Annan Centre of Excellence for ICT, further highlights the depth of cooperation between the two nations. A similar delegation to Nigeria also identified areas for enhanced cooperation and economic partnership, including pharmaceuticals, UPI, local currency settlement systems, among others.
Moreover, both India and Ghana emphasized the importance of concluding the Local Currency Settlement System Agreement to bolster bilateral economic ties. The NPCI’s international arm has also made strides in collaborating with other nations, such as signing an agreement with the Bank of Namibia (BoN) to develop an instant payment system akin to the Unified Payment Interface.
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