May 07: A seven-member delegation from India led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, Shri Amardeep Singh Bhatia accompanied by High Commissioner of India to the Republic of Ghana, Shri Manish Gupta and Economic Adviser, Department of Commerce, Ms. Priya P. Nair held a Joint Trade Committee (JTC) meeting with their Ghanaian counterparts in Accra from 2nd to 3rd May 2024. The JTC was co-chaired by Deputy Minister for Trade and Industry, Republic of Ghana, Hon. Michael Okyere-Baafi; and Additional Secretary, Department of Commerce, Shri Amardeep Singh Bhatia.
In a comprehensive dialogue, both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion. Both sides agreed to work expeditiously towards the operationalization of the Unified Payment Interface (UPI) of the National Payments Corporation (NPCI) on Ghana’s Ghana Interbank Payment and Settlement Systems (GHIPSS) within 6 months. Both sides delved into discussions regarding the possibilities of a Memorandum of Understanding (MoU) on Digital transformation Solutions; and Local Currency Settlement System and also deliberated on the opportunities offered by the African Continental Free Trade Agreement (AfCFTA).
Both sides identified several areas of focus for enhancing bilateral trade and mutually beneficial investments. These include pharmaceutical cooperation, healthcare, information and communication technology, agriculture and food processing, renewable energy, power sector, digital economy and digital infrastructure, critical minerals, textiles and garments, etc.
An official delegation from India consisted of officials from the Geological Survey of India, EXIM Bank, and the Indian Pharmacopoeia Commission. The officials of both India and Ghana actively engaged in the proceedings of the JTC.
A business delegation led by the Confederation of Indian Industry (CII) also accompanied the official delegation with representatives from varied sectors including power, fintech, Telecommunications, electrical machinery, and pharmaceuticals sectors. The delegation including representatives of business also met the Secretary-General, AfCFTA, and his team of officials wherein areas of cooperation included the signing of an MoU, setting of standards, investments, participation in trade events in India, and increasing the depth of engagement between India and AfCFTA was discussed. Names of nodal officers to take the discussions forward were also exchanged.
Ghana is an important trading partner of India in African region. Bilateral trade between India and Ghana stood at USD 2.87 billion in 2022-23. India is a leading investor in Ghana and emerged as the third-largest investor. These investments traverse diverse sectors, encompassing pharmaceuticals, construction, manufacturing, trade services, agriculture, tourism, and more.
The deliberations of the 4th Session of India-Ghana JTC were cordial and forward-looking, indicative of the amicable and special relations between the two countries. There was an enthusiastic response towards greater cooperation in addressing pending issues, boosting trade and investment, and enhancing people-to-people contacts.
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