Pan-African Payment System will enhance transactions in Africa — President Akufo-Addo


By Emmanuel Afonne

Ghana’s President, Nana Akufo-Addo, says the inauguration of the Pan-African Payment and Settlement System (PAPSS) will accelerate transactions in Africa.

Akufo-Addo, represented by the Vice President Dr Mahamudu Bawumia, spoke at the inauguration of PAPSS in Accra, Ghana, monitored virtually by the News Agency of Nigeria (NAN).

According to him, the ground-breaking platform will save Africa more than five billion dollars annually in payment transaction costs, while underpinning the operationalisation of the African Continental Free Trade Area (AfCFTA).

He also commended the  African Export-Import Bank (Afreximbank) and AfCFTA Secretariat for the establishment of the payment system,

The Ghanaian president also commended the bank for citing PAPSS as a major leap in releasing the continent from overdependence on external players and factors in achieving a long yearned-for acceleration in intra-continental trade and investment.

“This inauguration…

Source: News Agency of Nigeria

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