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India and Ghana to Integrate Payment Systems for Enhanced Financial Collaboration

India and Ghana to Integrate Payment Systems for Enhanced Financial Collaboration
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India and Ghana to Integrate Payment Systems for Enhanced Financial Collaboration

AspectDetails
Integration of Payment SystemsIndia and Ghana to integrate UPI and GHIPSS for instant, cost-effective fund transfers. UPI to be operational on GHIPSS within six months.
Digital Transformation SolutionsDiscussions on MoU for Digital Transformation Solutions, Local Currency Settlement System, and leveraging AfCFTA.
Bilateral Trade (2022-23)Total trade: USD 2.87 billion. Ghana's exports: gold, cocoa, cashew nuts, timber. India's imports: pharmaceuticals, agricultural machinery. Gold constitutes nearly 80% of India's imports from Ghana.
International CollaborationsNPCI International partners with Bank of Namibia to develop a UPI-like payment system. Similar discussions with Nigeria underway.

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