Fourth session of India-Ghana Joint Trade Committee concludes in Accra

The fourth session of the India-Ghana Joint Trade Committee was held in Accra from 2 to 3 May 2024. A seven-member delegation from India participated in this session. Manish Gupta, High Commissioner of India to the Republic of Ghana and Priya P Nair, Economic Advisor in the Department of Commerce, also attended the meeting under the leadership of Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India.

Highlights of the fourth session of the India-Ghana Joint Trade Committee

• Both sides reviewed bilateral trade and investment relations and acknowledged the huge untapped potential for further expansion.
• Both parties agreed to work towards operationalizing the Unified Payment Interface (UPI) of the National Payments Corporation of India (NPCI) on the Ghana Interbank Payment and Settlement System (GHIPS) within a period of 6 months.
• Both sides discussed the possibilities of a Memorandum of Understanding (MoU) on digital reform measures.
• The opportunities offered by the local currency settlement system and the African Continental Free Trade Agreement (AfCFTA) were also discussed.
• Both sides identified a number of key areas for enhancing bilateral trade as well as mutually beneficial investments.

Relations between India and Ghana

• Political relations: India established diplomatic relations with Ghana since its independence in 1957. India also appreciated Ghana’s struggle for independence.
• Trade Relations: Bilateral trade between India and Ghana is approximately US$ 4 billion. Indian companies are investing in oil and gas, mining, IT, retail and other sectors in Ghana.
• Energy Cooperation: Indian Oil and Natural Gas Corporation (ONGC Videsh) is involved in oil and gas exploration activities off the coast of Ghana.
• Indian Community: About 7,000 Indian communities live and do business in Ghana, forming an important link between the two countries.
• Ghana is an important trading partner of India in the Africa region. Bilateral trade between India and Ghana stood at US $ 2.87 billion in the year 2022-23.
• The deliberations at the fourth session of the India-Ghana JTC were cordial and forward-looking, indicative of the cordial and special relations between the two countries. There was an encouraging response towards greater cooperation in resolving outstanding issues, promoting trade and investment and enhancing people-to-people contacts between the two countries.

About ghana

• Ghana is an important country in West Africa.
• Ghana is located on the coast of the Gulf of Guinea and covers an area of approximately 238,535 square km.
• Capital: Accra
• Ghana’s economy is primarily dependent on agriculture, mining and service sectors. It is the second largest cocoa exporting country in the world.
• Ghana is a major producer of gold, manganese and bauxite. Oil and natural gas are also important to Ghana’s economy.

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