Ghana and India Set To Link Payment Systems For Instant Fund Transfers
Ghana and India are forging a partnership aimed at streamlining financial transactions between the two nations.
Plans are underway to connect Ghana’s Interbank Payment and Settlement Systems (GHIPSS) with India’s Unified Payments Interface (UPI), allowing users to make instant and cost-effective fund transfers seamlessly.
This landmark agreement, reached between the two countries, outlines a timeline of six months to integrate their payment systems. The move is expected to revolutionize cross-border transactions, facilitating swift and efficient money transfers between Ghana and India. A seven-member Indian delegation led by Shri Amardeep Singh Bhatia visited Accra for a Joint Trade Committee meeting with their Ghanaian counterparts on May 2-3, 2024.
In addition to the payment system linkage, discussions delved into broader areas of cooperation. Both nations are exploring the potential for a Memorandum of Understanding (MoU) on Digital Transformation Solutions, focusing on innovative solutions for financial technology. Moreover, talks touched upon the prospects of establishing a Local Currency Settlement System, enhancing economic ties and easing financial transactions.
The ongoing dialogue also highlighted the collaborative opportunities presented by the African Continental Free Trade Agreement (AfCFTA). This agreement aims to foster greater economic integration across Africa, with Ghana and India actively exploring avenues to leverage this framework for mutual benefit.
The Department of Commerce, in a statement shared on the social media platform X (formerly Twitter), affirmed the commitment of both countries to expedite the integration of India’s UPI into Ghana’s GHIPSS. India’s UPI system has already expanded its reach to countries like Singapore and the UAE, with ongoing discussions underway for a similar partnership with Nigeria.
