The payment system to aid business transactions among member countries in the Africa Continental Free Trade Area, Pan Africa Payment and Settlement System is undergoing piloting before full implementation.
According to the Executive Vice president for the Afreximbank, Denys Denya, the pilot will be concluded by the end of the year.
Speaking to Joy Business after addressing the official Ghana roadshow for the Intra African Trade Fair 2021 in Accra, Mr. Denya said the Pan African Payment and Settlement System developed by the Afrieximbank and the African Union is expected to eliminate concerns of multiple currencies trading under the continental free trade area.
After addressing the Ghana Roadshow for the upcoming intra African Trade in Durban, South Africa, Executive Vice President of the bank, Denys Denya hinted that six countries are currently piloting the platform and hopeful they will concluded that by the end of the year.
“The system is already in place and currently going through piloting in the West African Monetary Zone which consists of six countries including Ghana”.
“I’m expecting that before the close of the year, it should be done, and then based on the positive result, the council will take it up from there” he told Joy Business.
The payment system is aimed at ensuring that setbacks in currency transactions among traders do not impede on the success of the Africa Continental Free Trade Area.
The Secretariat for the Africa Continental Free Trade Agreement is championing the course to ensure that all countries are hooked on to it for the smooth trading purposes on the continent.
Latest Stories
-
5 traits of sweet, committed men that may seem like red flags at first
1 hour -
We met on Twitter and our first date was a week-long road trip
1 hour -
The biggest mistake people make when meeting someone in person after talking online
1 hour -
I traveled 500 miles for a first date
2 hours -
My cousin saved my life and she never knew
2 hours -
Top UN court orders Israel to allow food and medical aid into Gaza
2 hours -
Fallen ‘Crypto King’ Sam Bankman-Fried gets 25 years for fraud
2 hours -
The architecture we have used to tackle housing deficit has not been robust enough – Oppong Nkrumah
2 hours -
Government suspends implementation of price Stabilisation and Recovery levy on petroleum products
3 hours -
Takoradi traders lament over low sales ahead of Easter
5 hours -
I’ve served Effia constituency well – Joseph Cudjoe
5 hours -
Michael Ampadu: One Student, One Tablet initiative will shape the future of education and innovation
5 hours -
I will partner you for development – Alan tells TUC
5 hours -
Malnutrition, anemia remain concern to UNICEF
5 hours -
Kasoa shrinking penis: Court remands Electrician over false alarm
5 hours