Ghana and India have teamed up to bring India’s Unified Payments Interface (UPI) to Ghana’s Interbank Payment and Settlement Systems (GHIPSS), aiming to streamline and make fund transfers more affordable and instant.
During a recent meeting in Accra, Ghana, a seven-member delegation from India discussed various aspects of digital transformation, including the potential signing of a Memorandum of Understanding (MoU) covering digital solutions, local currency settlement systems, and opportunities within the African Continental Free Trade Agreement (AfCFTA).
The focus of collaboration between the two nations spans across sectors such as pharmaceuticals, healthcare, information technology (IT), and renewable energy. The implementation of UPI, developed by the National Payments Corporation of India (NPCI) in 2016, is expected to play a pivotal role in enhancing bilateral trade and fostering mutually beneficial investments.
India and Ghana have a history of cooperation in commerce, information and communication technology (ICT), and development initiatives, exemplified by projects like the Indian Technical and Economic Cooperation. Notably, India has contributed to the development of Ghana’s ICT infrastructure, including the establishment of the India-Ghana Kofi Annan Centre of Excellence for ICT.
Similarly, in a recent delegation visit to Nigeria, both India and Nigeria explored avenues for enhanced cooperation, particularly in sectors like pharmaceuticals, local currency settlement systems, and leveraging the UPI framework.
Efforts are underway to solidify economic ties through agreements like the Local Currency Settlement System Agreement, aiming to further bolster bilateral relations. The NPCI’s international initiatives are gaining traction, with the signing of its first agreement with the Bank of Namibia (BoN) to develop an instant payment system akin to the UPI model.
Moreover, India has expanded its UPI services beyond its borders, launching them in Mauritius in February 2024, alongside its RuPay card services, as part of a broader strategic initiative to extend its digital footprint internationally.
