Published: 11th May, 2024
Context
India and West African nation Ghana are teaming up to make it easier for people to send money between the two countries. They want to connect their payment systems - India's Unified Payments Interface (UPI) and Ghana's Ghana Interbank Payment and Settlement Systems (GHIPSS).
Key-highlights:
- Both countries agreed to make UPI available on Ghana's GHIPSS within six months. India's UPI is already being used in countries like Singapore and the UAE.
- India and Ghana are also discussing other collaborations like signing a deal on Digital transformation Solutions, setting up a Local Currency Settlement System, and exploring opportunities under the African Continental Free Trade Agreement (AfCFTA).
- India-Ghana Trade:
- Bilateral trade between India and Ghana: It increased to USD 2.87 billion in 2022-23 from USD 2.6 billion in 2021-22.
- India’s imports from Ghana: gold, cocoa, cashew nuts and timber products
- India’s exports to Ghana: cereals, made-up textiles, agricultural machinery, transport vehicles, electrical equipment, pharmaceuticals, plastics, iron and steel, ethyl alcohol, beverages
UPSC PYQ:Q: Which of the following is the most likely consequence of implementing the ‘Unified Payments Interface (UPI)’? (UPSC 2017)
Solution: (a) |
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