Payment policy to support Commerce amongst member African Nations in the African Continental Free Trade Area are underway by the Pan African Payment and Settlement System
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The Executive Vice President for Afreximbank – Denys Denya, divulged that, the pilot will be finalized by the end of 2021. Denya announced, the Pan African Payment and Settlement System formulated by the Afreximbank and the African Union is anticipated to eradicate questions of multiple currencies trading under the continental free trade
Subsequently expressing the Ghana Roadshow for the forthcoming intra African Trade in Durban – South Africa, Executive Vice President of the Bank, meant that six nations are now conducting the platform and hopeful, they will infer that by the end of 2021.
“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 asserted.
The payment system is intended to at guaranteeing that setbacks, in currency deals amongst merchandisers do not hinder the prosperity of the Africa Continental Free Trade Area.
The Secretariat for the Africa Continental Free Trade Agreement is supporting the strategy to assure that, all nations are latched on to it for the steady trading objectives on the landmass.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent