Business & Economy

Dedollarisation in Progress: India, Ghana Discuss Local Currency Settlement Pact

CC0 / / Indian rupee
Indian rupee - Sputnik India, 1920, 05.05.2024
India has been increasingly looking to carry out trade in national currencies with major African nations as part of its ongoing policy push to increase the share of Indian rupee (INR) in foreign trade.
India and Ghana have discussed the possibility of signing a memorandum of understanding (MoU) on 'Local Currency Settlement System' during the Joint Trade Committee (JTC) meeting in Accra, a statement by the Indian Commerce Ministry said on Sunday morning.
A seven-member Indian delegation, led by Amardeep Singh Bhatia, an Additional Secretary at Department of Commerce, met Ghanaian officials on 2 and 3 May, it said.
The two countries have identified "focus" areas for enhancing bilateral trade, it said.
These areas include pharmaceuticals, healthcare, Information and Technology (IT), agriculture and food processing, renewable energy, power sector, digital infrastructure, critical minerals and textiles.

The Indian statement said that both the countries also agreed to operationalise India's Unified Payments Interface (UPI) digital payments system in Ghana within a six-month time frame.

Officials from both the nations also discussed the possibility of signing pacts in the realm of digital public infrastructure (DPI) as well as held talks on "opportunities" offered for Indian businesses by the African Continental Free Trade Agreement (AfCFTA).
India ranks among Ghana's top trading partners, with two-way trade dominated by Ghana's gold exports to India.
Indian companies invested close to $100 million in Ghana in 2021, representing nearly eight percent of the total foreign direct investment (FDI) inflows in the African nation.
Screaming dollar - Sputnik India, 1920, 01.05.2024
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