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15-01-2022, 11:53 AM
Source: Xinhua| 2022-01-14 04:54:00|Editor: huaxia
ACCRA, Jan. 13 (Xinhua) -- The African Continental Free Trade Area (AfCFTA) Secretariat, African Export-Import (Afrexim) Bank, and other partners launched the Pan-African Payment and Settlement System (PAPSS) on Thursday in a bid to boost the intra-African trade.
The move followed the successful piloting of the system in the six West African Monetary Zone countries including Ghana, Nigeria, The Gambia, Liberia, Guinea, and Sierra Leone.
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Ghanaian Vice President Mahamudu Bawumia said the PAPSS would end Africa's dependence on third-party currencies to pay for transactions on the continent
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"This is an African solution for an African problem. It is the most practical and most important achievement in payment system integration on the continent since independence from colonial rule. This is the closest we have come as a continent towards the vision of issuing a common currency," he added.
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It will save the continent up to five billion U.S. dollars annually.
https://english.news.cn/africa/20220114/...d8a/c.html
ACCRA, Jan. 13 (Xinhua) -- The African Continental Free Trade Area (AfCFTA) Secretariat, African Export-Import (Afrexim) Bank, and other partners launched the Pan-African Payment and Settlement System (PAPSS) on Thursday in a bid to boost the intra-African trade.
The move followed the successful piloting of the system in the six West African Monetary Zone countries including Ghana, Nigeria, The Gambia, Liberia, Guinea, and Sierra Leone.
......
Ghanaian Vice President Mahamudu Bawumia said the PAPSS would end Africa's dependence on third-party currencies to pay for transactions on the continent
......
"This is an African solution for an African problem. It is the most practical and most important achievement in payment system integration on the continent since independence from colonial rule. This is the closest we have come as a continent towards the vision of issuing a common currency," he added.
......
It will save the continent up to five billion U.S. dollars annually.
https://english.news.cn/africa/20220114/...d8a/c.html
