[Transcript]: Ghana and India are embarking on a significant collaboration to enhance financial transactions between them. The agreement involves linking Ghana's Interbank Payment and Settlement Systems (GHIPSS) with India's Unified Payments Interface (UPI), enabling instant and cost-effective fund transfers.
This initiative is expected to transform cross-border transactions and promote swift and efficient money transfers. The partnership, established through a landmark agreement, sets a timeline of six months for the integration of payment systems. During a recent Joint Trade Committee meeting in Accra, a seven-member Indian delegation led discussions on broader cooperation areas, including a potential Memorandum of Understanding (MoU) on Digital Transformation Solutions and the establishment of a Local Currency Settlement System.
The dialogue also emphasized collaborative opportunities under the African Continental Free Trade Agreement (AfCFTA), with both countries exploring ways to leverage this framework for mutual benefit. The Department of Commerce has affirmed the commitment of Ghana and India to expedite the integration of India's UPI into Ghana's GHIPSS, highlighting the potential for further partnerships with other countries like Nigeria.
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