The Aryavarth Express
Agency (New Delhi): The fourth session of the India-Ghana Joint Trade Committee (JTC) was held in Accra from May 2-3, 2024. Leading the Indian delegation was Additional Secretary of the Department of Commerce, Shri Amardeep Singh Bhatia, joined by India’s High Commissioner to Ghana, Shri Manish Gupta, and Economic Adviser, Ms. Priya P. Nair. On the Ghanaian side, the JTC was co-chaired by Hon. Michael Okyere-Baafi, Deputy Minister for Trade and Industry.
Both delegations conducted a comprehensive review of the progress made in their bilateral trade and investment relations, recognizing significant untapped opportunities for further growth. An important outcome was the agreement to operationalize India’s Unified Payment Interface (UPI) within six months through Ghana’s Ghana Interbank Payment and Settlement Systems (GHIPSS). Both parties also explored the potential of establishing Memorandums of Understanding (MoUs) on digital transformation solutions and local currency settlement systems, while identifying opportunities under the African Continental Free Trade Agreement (AfCFTA).
The meeting identified priority sectors for enhanced trade and investment cooperation, including information and communication technology, healthcare, agriculture, renewable energy, textiles, and the digital economy. The Indian delegation included representatives from various government bodies, such as the Geological Survey of India, EXIM Bank, and the Indian Pharmacopoeia Commission.
Accompanying the official delegation was a business group led by the Confederation of Indian Industry (CII), with representatives from power, fintech, telecommunications, electrical machinery, and pharmaceuticals sectors. The business group met with the AfCFTA Secretary General and other officials, discussing opportunities for collaboration, standards development, investments, and participation in Indian trade events.
Ghana remains a crucial trading partner for India in Africa. In 2022-23, bilateral trade between the two nations reached USD 2.87 billion, with India ranking as Ghana’s third-largest investor. Indian investments span diverse sectors, such as manufacturing, pharmaceuticals, agriculture, construction, and tourism.
The JTC’s 4th session was marked by positive and forward-thinking discussions, reflecting the strong relationship between the two nations. Both sides were enthusiastic about addressing pending issues, strengthening trade and investment, and promoting deeper ties between their people.
