India calls for currency interchangeability with Ghana

The Secretary of the Department of Commerce of India, Amardeep Singh Bhatia, has advocated a currency interchangeability agreement between Ghana and India to ensure flexible foreign exchange between the two countries.

Currency interchangeability is the practice where two currencies can be exchanged at par and without charges. Mr Bhatia further said such an agreement would help to promote monetary cooperation between the two countries and also ensure a continual bilateral relationship.

“I am hoping that very soon, the central banks of both Ghana and India will reach an agreement so that the Ghana cedi and the Indian rupee will be accepted between our two countries; that will help to reduce the cost of doing business between ourselves,” he added.

Mr Bhatia was speaking at the fourth session of a Joint Trading Committee (JTC) meeting in Accra to strengthen bilateral trade and economic ties between the two countries. A bilateral agreement signed in 1981, which resulted in the signing of the JTC, has long functioned as a conduit for growing trade and investment between the two nations.

Participants discussed potential partnership in the pharmaceutical industry, information technology, digital infrastructure, agriculture and capacity-building.

Investment in Ghana

Mr Bhatia encouraged more Indian companies to consider investing in Ghana as it was the gateway to sub-Saharan Africa and also one of the most peaceful countries on the continent.

“Indian has a very strong relationship with Ghana and we cherish that friendship; we also cherish the fact that our relationship is based on mutual respect,” he said. The Indian High Commissioner to Ghana, Manisha Gupta, also said: “I am so happy that trade and economy is at the front and centre of this partnership.

“We are also looking at providing a forward-looking dimension to this relationship and into the future of our two nations as we develop our capacities,” he said.

Leverage

The Deputy Minister of Trade and Industry, Micheal Okyere Baafi, said the two countries would leverage the outcome of their discussions to build and strengthen their relationship. “We don’t take Indian businesses in Ghana for granted at all, and we don’t underestimate them because they have really contributed a lot to the development of our country.

“Ghana is at this level now because of the number of Indian businesses we have in our country; they have done phenomenally well in the areas of pharmaceuticals, information technology and agri-business,” he said.

Mr Baafi said the two countries could also tap into other avenues such as garment and textiles and automotive industries to facilitate growth. He also encouraged the Indian High Commission to frequently engage with the government so that the two countries could be on the same page in business.