Africa-Press – Ghana. Many developing countries, including the BRICS, have been active in recent years in promoting de-dollarization and the use of national currencies instead of the US currency.
India and Ghana have discussed the possibility of signing a memorandum of understanding (MoU) on ‘Local Currency Settlement System’ during the Joint Trade Committee (JTC) meeting in Accra, a statement by the Indian Commerce Ministry said.
A seven-member Indian delegation, led by Amardeep Singh Bhatia, an Additional Secretary at Department of Commerce, met Ghanaian officials on 2 and 3 May, it said.
The two countries have identified “focus” areas for enhancing bilateral trade, it said.
These areas include pharmaceuticals, healthcare, Information and Technology (IT), agriculture and food processing, renewable energy, power sector, digital infrastructure, critical minerals and textiles.
The Indian statement said that both the countries also agreed to operationalize India’s Unified Payments Interface (UPI) digital payments system in Ghana within a six-month time frame.
Officials from both the nations also discussed the possibility of signing pacts in the realm of digital public infrastructure (DPI) as well as held talks on “opportunities” offered for Indian businesses by the African Continental Free Trade Agreement (AfCFTA).
India ranks among Ghana’s top trading partners, with two-way trade dominated by Ghana’s gold exports to India.
Indian companies invested close to $100 million in Ghana in 2021, representing nearly eight percent of the total foreign direct investment (FDI) inflows in the African nation.
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