The Pan-African Payment and Settlement System (PAPSS) will be officially launched by President Nana Addo Dankwa Akufo-Addo of Ghana in Accra on January 13, 2022.
The statement released by the organisers on Friday in Accra, said that there would be a press conference, hosted by the African Export-Import Bank (Afreximbank) on Thursday, January 13, 2022 at the Kempinski Hotel, Accra, Ghana.
It added that the speakers at the event would include Professor Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank; Wamkele Mene (Secretary General, AfCFTA Secretariat); Chairperson of the African Union Commission; Mr. Godwin Emefiele, (Chairman, PAPSS Governing Council); Mr. Aliko Dangote (CEO, Dangote Group); Mr. Mike Ogbalu (CEO, PAPSS); Dr. Ernest Kwamina Addison (Governor, Bank of Ghana) and Hon. John Rwangombwa (Governor, National Bank of Rwanda).
Others are Dr. Denny Kalyalya (Governor, Bank of Zambia); Dr. Olorunsola E. Olowofesa, (Director General, WAMI); Hon. Ken Ofori-Atta (Minister of Finance, Ghana); Dr. Akinwumi Adesina (President, African Development Bank); Mr. Ade Ayeyemi (CEO Ecobank Group); Dr. James Mwangi (Equity Group Holdings Plc); and Mr. Admassu Tadesse (President Emeritus and Group CEO, the Eastern and Southern African Trade and Development Bank).
The statement noted that these luminaries will provide insight into the transformational impact of PAPSS in eliminating intra-African financial borders, connecting African markets to each other, enabling local currencies to be used, alleviating the need for offshore clearance and settlement of payments.
“This is expected to save the continent over US$5 billion in payment transaction costs every year. PAPSS will facilitate and help drive the enormous growth in intra-African trade resulting from the African Continental Free Trade Area’s creation of a single market throughout Africa. It will facilitate the payment, clearing and settlement system for intra-African trade; simplify intra-regional transactions; and reduce the cost, duration, and time variability of cross-border payments,” the statement explained.
According to the statement, there will also be a press conference on Friday, January 14, 2022 to announce the opening of registrations for the Intra-African Trade Fair 2023 (IATF2023), which is to be held in Abidjan, Côte d’Ivoire.
It explained that the conference will provide commentary on the US$42.1 billion of trade and investment deals concluded at IATF2021 and that the speakers will include Chief Olusegun Obasanjo, former President of Nigeria and Chair of the IATF Advisory Council; Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank; H.E. Albert Muchanga, African Union Commissioner for Economic Development, Trade, Industry and Mining; H.E. Wamkele Mene, Secretary General, AfCFTA Secretariat; Mrs. Kanayo Awani, Managing Director, Intra-African Trade Initiative, Afreximbank; and Mr. Silver Ojakol, Chief of Staff, AfCFTA Secretariat.
GIK/APA