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India and Ghana Strengthen Financial Integration for Enhanced Trade: India and Ghana are teaming up to merge their payment systems, UPI and GHIPSS, to make it easier and cheaper to transfer funds between the two countries. Within six months, NPCI’s UPI will start working on Ghana’s GHIPSS platform, which is a big move in financial cooperation.
India and Ghana Strengthen Financial Integration for Enhanced Trade
This integration will enable people from both India and Ghana to instantly transfer funds between their bank accounts. It’s a step forward in strengthening the economic ties between the two nations, making financial transactions more convenient and efficient.
Discovering Digital Transformation Solutions
Discussions also focused on potential Memorandum of Understanding regarding Digital Transformation Solutions, Local Currency Settlement System, and utilizing opportunities within the African Continental Free Trade Agreement (AfCFTA). This indicates a strategic aim to use digital innovations for mutual gain.
Expanding Trade Partnerships
Bilateral trade between India and Ghana reached USD 2.87 billion in 2022-23. Ghana exports gold, cocoa, cashew nuts, and timber products, while India imports pharmaceuticals, agricultural machinery, and other goods. This trade partnership is crucial, with gold making up nearly 80% of India’s imports from Ghana.
Increasing Global Collaborations
NPCI International’s recent collaboration with the Bank of Namibia to create a UPI-like real-time payment system highlights India’s dedication to promoting financial inclusivity globally. Similar talks are happening with Nigeria, showing India’s increasing presence in international financial partnerships.
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