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Context: The 4th Session of the India-Ghana Joint Trade Committee held in Accra, Ghana, resulted in significant agreements and discussions aimed at enhancing bilateral trade and investment between the two countries.

Key Highlights and outcomes of the meeting

Operationalization of UPI on Ghana Interbank Payment and Settlement Systems (GHIPSS)

• India and Ghana agreed to collaborate to operationalize the Unified Payment Interface (UPI) of India's National Payments Corporation of India (NPCI) on Ghana's GHIPSS within six months. This move aims to facilitate efficient and secure digital payment transactions between the two countries.

Exploration of MoUs on Digital Transformation Solutions and Local Currency Settlement System

• Both sides discussed the possibility of signing Memorandums of Understanding (MoUs) on Digital Transformation Solutions and Local Currency Settlement Systems. These agreements would further promote technological cooperation and financial integration between India and Ghana.

Deliberations on African Continental Free Trade Agreement (AfCFTA)

• The meeting explored opportunities under the African Continental Free Trade Agreement (AfCFTA), emphasizing the potential for increased trade and investment across Africa. This demonstrates India's interest in engaging with regional trade blocs to enhance economic cooperation.

Focus Areas for Cooperation

The discussions identified key focus areas for enhancing bilateral cooperation, including:

• Pharmaceuticals and Healthcare
• Information and communication technology (ICT)
• Agriculture and food processing
• Renewable energy and power sector
• Digital economy and infrastructure
• Textiles and garments

India and Ghana bilateral trade in 2022-23 was around USD 2.87 billion. India is a leading investor in Ghana, with investments spanning various sectors, including pharmaceuticals, construction, manufacturing, trade services, agriculture, and tourism.

About Ghana

• Ghana is situated on the coast of the Gulf of Guinea in West Africa, north of the Equator.
• Ghana shares borders with:
  • Ivory Coast to the West
  • Burkina Faso to the North
  • Togo to the East
  • Gulf of Guinea and Atlantic Ocean to the South
• It is a multi-ethnic nation with various linguistic and religious groups. The Akan ethnic group is the largest.
• Christianity is the predominant religion, followed by Islam and traditional faiths.
• South-west and south-central Ghana consists of a forested plateau region, including the Ashanti uplands and the Kwahu Plateau.
• Ghana experiences a tropical climate with distinct wet and dry seasons.
• Ghana is intersected by major rivers like the White Volta and Black Volta, which flow south to form Lake Volta, the world's third-largest reservoir by volume.
• Major cities and landmarks in Ghana include Accra (the capital), Kumasi (the traditional centre of the Ashanti Kingdom), Cape Coast Castle (a UNESCO World Heritage Site), and mining towns like Obuasi.
• The Greenwich Meridian, which passes through London, also traverses the eastern part of Ghana at Tema.

India-Ghana Relations ●Relations between the Ashanti Empire (present-day Ghana) and the British Empire during the colonial period influenced the early connection of British presence in Africa and India. ●India established diplomatic relations with Ghana shortly after Ghana's independence in 1957. Leaders like Kwame Nkrumah and Jawaharlal Nehru shared a strong personal bond, which laid a foundation for bilateral cooperation. ●Ghana is home to a significant Indian community, with around ten thousand Ghanaian Indians and Persons of Indian Origin residing in the country for decades. ●Bilateral trade between India and Ghana has been increasing, with Ghana importing automobiles and buses from India, and exporting gold, cocoa, and timber to India. ●India is one of the largest foreign investors in Ghana, with investments primarily in agriculture, manufacturing, and IT sectors. Projects such as fertilizer plants and sugar processing plants reflect India's commitment to Ghana's economic development. ●India extends scholarships for Ghanaian students and professionals through various technical and economic cooperation programmes. ●India provided a soft loan to Ghana for the construction of the Flagstaff House, the presidential palace in Ghana.

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Source:

PIB

PRACTICE QUESTION Q. Consider the following countries: 1. Cameroon 2. Côte d'Ivoire 3. Ghana 4. Nigeria 5. Togo 6. Benin How many of the following countries share a border with the Gulf of Guinea? A) Only three B) Only four C) Only five D) All six Answer: D Explanation:  The 16 coastal countries are situated along the Gulf of Guinea: Angola, Benin, Cameroon, Côte d'Ivoire, Democratic Republic of Congo, Republic of Congo, Guinea, Equatorial Guinea, Guinea-Bissau, Gabon, Nigeria, Ghana, São Tomé and Principe, Togo, and Sierra Leone.