India and Ghana Agree to Strengthen Business Ties with a Focus on Healthcare

Amardeep Singh Bhatia, the Additional Secretary of the Department of Commerce, Ministry of Commerce and Industry, Government of India, along with Manish Gupta, the High Commissioner of India to the Republic of Ghana, and Priya P. Nair, the Economic Adviser of the Department of Commerce, led a delegation of seven members from India to a Joint Trade Committee (JTC) meeting in Accra with their Ghanaian counterparts. Amardeep Singh Bhatia, the additional secretary of the department of commerce, and Hon. Michael Okyere-Baafi, the deputy minister for trade and industry of the republic of Ghana, co-chaired the JTC.

Both parties recognized the enormous unrealized potential for future growth and conducted a thorough examination of the most recent changes in bilateral trade and investment ties. Within six months, both parties committed to working quickly to operationalize the National Payments Corporation of Ghana's (NPCI) Unified Payment Interface (UPI) on the Ghana Interbank Payment and Settlement Systems (GHIPSS). The parties engaged in a thorough dialogue about the potential for a Memorandum of Understanding (MoU) on Digital Transformation Solutions and Local Currency Settlement System. Additionally, they discussed the advantages presented by the African Continental Free Trade Agreement (AfCFTA).

In order to improve mutually beneficial investments as well as bilateral trade, the parties designated a number of priority sectors. These include collaboration in the fields of essential minerals, textiles and apparel, renewable energy, agribusiness and food processing, pharmaceuticals, healthcare, information and communication technology, power sector, and digital economy and infrastructure.

The official delegation from India consisted of representatives from the Geological Survey of India, EXIM Bank, and the Indian Pharmacopoeia Commission. Officials from Ghana and India took an active part in the JTC proceedings.

Alongside the government mission was a corporate delegation led by the Confederation of Indian Industry (CII), which included representatives from a range of industries like as power, fintech, telecommunications, electrical machinery, and pharmaceuticals. The delegation, which also included business representatives, met with the Secretary General of the AfCFTA and his team of officials to discuss potential areas of cooperation. These included signing a memorandum of understanding, establishing standards, making investments, taking part in trade shows in India, and deepening the level of engagement between AfCFTA and India. Additionally, the names of the nodal officers for advancing the talks were shared.

One of India's key trading partners in Africa is Ghana. The bilateral trade between Ghana and India was valued at USD 2.87 billion in 2022–2023. India is one of the main nations in Ghana and the third-largest investor. A wide range of industries, including manufacturing, trade services, building, healthcare, agriculture, and tourism, are the subject of these investments.

The friendly and future-focused discussions held during the 4th session of the India-Ghana Joint Technology Committee (JTC) demonstrated the friendly and unique connections between the two nations. More collaboration in resolving outstanding issues, promoting commerce and investment, and strengthening interpersonal relationships was met with enthusiasm.

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