- Ghana has agreed with India to implement India's Unified Payments Interface (UPI) on its Ghana Interbank Payment and Settlement Systems (GHIPSS) within six months to facilitate low-cost, instant fund transfers.
- During a recent 7-member Indian delegation to Accra, Ghana for a Joint Trade Committee meeting, both countries discussed the possibility of signing a Memorandum of Understanding (MoU) on "Digital Transformation Solutions; Local Currency Settlement System; and the opportunities offered by African Continental Free Trade Agreement (AfCFTA)."
- According to them, collaboration in these focus areas, such as pharmaceuticals, healthcare, information technology (IT), and renewable energy, would boost bilateral trade and mutually beneficial investment.
India's Unified Payments Interface (UPI) is an instant payment system and protocol that allows for inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. The National Payments Corporation of India (NPCI) developed it in 2016.
Following the visit, "they agreed to work expeditiously to operationalise NPCI's UPI on Ghana's Ghana Interbank Payment and Settlement Systems (GHIPSS) within a period of 6 months."
India and Ghana have previously collaborated in areas, such as commerce, information and communication technology, and development through programmes such as the Indian Technical and Economic Cooperation.
In addition, India has assisted Ghana in developing some of its ICT facilities, such as the India-Ghana Kofi Annan Centre of Excellence for ICT.
In a recent similar delegation to Nigeria, India and Nigeria identified areas for increased cooperation and economic partnership, including pharmaceuticals, the Unified Payments Interface (UPI), the local currency settlement system, and others.
“Both sides agreed to early conclusion of Local Currency Settlement System Agreement to further strengthen bilateral economic ties.”
The NPCI's international arm recently signed its first agreement with the Bank of Namibia (BoN) to develop an instant payment system similar to the Unified Payment Interface.
In February 2024, India also launched its Unified Payment Interface (UPI) services in Mauritius as part of a strategic initiative, as well as its RuPay card services.
