Inaugurating the regional payment system on Thursday, President Akufo-Addo, who was represented by Vice President Mahamudu Bawumia, noted that the PAPSS is the closest Africa has come to adopting a common currency, adding that it is one of the most important achievements since the journey to integrate African economies.
He explained that the underlying motive of Africa’s integration programme is to generate socio-economic benefits of the citizens and that “the production of goods in a national and sub-regional level is a better way of getting more benefits”.
According to reports by Ghanaian Times on Friday, President Akufo-Addo urged the Central Banks in Africa to connect their payment switches to PAPSS to ensure the smooth implementation of the programme.
While commending AFCFTA and Afreximbank for spearheading the new regional payment system, he noted that the programme can save the African continent $5 billion annually in payment charges.
In his speech, the President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, said that Afreximbank was proud to be part of the development and commercial launch of the PAPSS, which would help to boost trade in Africa and reduce the cost of doing business on the continent.
Speaking at the ceremony, the Secretary General of AfCFTA, Wamkele Mene, said that PAPSS was a milestone in the integration of the African continent and that “the dream of integration of Africa is becoming a reality in our lifetime”.
According to him, PAPSS has the potential to boost Africa’s trade as well as barriers to trade and that AfCFTA is working to ensure that appropriate regulatory framework is put in place so that PAPSS is well integrated in the AfCFTA legal arrangement.
He disclosed that dispute settlement and resolution arrangement has been developed to promptly settle trade disputes, which arise under the implementation of AfCFTA.
According to local media reports, the inauguration ceremony was attended by former Nigerian President, Chief Olusegun Obasanjo and his Niger counterpart, former President Mahamadou Issoufou and the Chief Executive Officer of PAPSS, Mike Ogbalu, among other dignitaries.