Why is it in the news?

• The 4th session of the Joint Trade Committee concluded in Accra, Ghana.

Some of the Key highlights

• India and Ghana agreed to operationalize India’s UPI on Ghana’s GHIPSS within 6 months, enhancing digital payment systems and facilitating smoother financial transactions between the two nations.
• Discussions involved the potential signing of Memorandums of Understanding (MoUs) on Digital Transformation Solutions and local currency settlement systems, indicating a desire to deepen cooperation in areas of mutual interest.
• Both countries explored opportunities under the African Continental Free Trade Agreement (AfCFTA), aiming to capitalize on the trade potential within the African region and enhance economic ties.

Significance

• Ghana holds significance as a crucial trading partner for India in Africa, with bilateral trade reaching USD87 billion in the fiscal year 2022-23.
• India is a prominent investor in Ghana across various sectors, including pharmaceuticals, construction, manufacturing, trade services, agriculture, and tourism, underscoring the diversification and depth of economic engagement between the two nations.