The President of the Republic of Ghana, H.E. John Dramani Mahama, has called on Africa leaders to prioritize the full operationalization of the Pan-African Payment and Settlement System (PAPSS)
President Mahama disclosed that the Pan-African Payment and Settlement System will not only facilitate seamless payments for goods and services across the continent but also boost Africa’s economy, driving significant development and transformation throughout the region.
Addressing the gathering during the 2025 Africa Prosperity Dialogues, President Mahama explained that the successful implementation of PAPSS is a crucial step towards unlocking a $3.4 trillion market for Africa.
“We must first track the full operationalization of the Pan-African payment and settlement system to facilitate the payment for goods and services across our continent.
“If we commit to these actions, we can unlock a $3.4 trillion market, creating jobs and prosperity for millions of Africans across this continent.”
The Pan-African Payment and Settlement System, is a Pan-African real-time gross settlement infrastructure for cross-border payments in distinct local currencies.
Launched on January 13, 2022, by the African Union (AU) and the African Export-Import Bank (Afreximbank),PAPSS, when fully operational, will ensures instant or near-instant transfers of funds between originators in one African country and beneficiaries in another. It aims to address the historic challenges of making payments across African borders, adding value through a unified African market infrastructure that benefits all stakeholders, from governments, banks and payment providers to corporates, small enterprises and individuals.
President John Dramani Mahama further disclosed that, for PAPSS to be fully operationalized, Africa must heavily invest in infrastructures to facilitate trade, efficient road, rail network, ports, and digital connectivity.
“However, trade liberalization in itself is not enough. We must invest in infrastructures to facilitate trade, efficient road, rail network, ports, and digital connectivity.
“We must strengthen African supply chains to ensure that our industries produce goods and services that meet both regional and global standards.
“We must harmonize our trade policies to eliminate non-tariff barriers and reduce the cost of doing business across borders.” President Mahama stated.
Source: Elvisanokyenwes.com
