PAPSS Launch in Accra
The Pan-African Payment & Settlement System (PAPSS) is designed to boost intra-African trade. This was disclosed by the Secretary-General of AfCFTA, H.E Wamkele Mene at the commercial launch of the PAPSS in Accra.
He said, “How fitting it is, therefore, that the commercial launch of the PAPSS is taking place here in Ghana, a country that has always been at the intellectual and philosophical vanguard of Pan-Africanism.
“This project is a pioneering effort at achieving a pan-African payments and settlements system which will enable Africa to reduce reliance on third currencies, and more importantly, it has the potential to significantly boost intra-Africa trade.
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“The commercial roll-out of the PAPSS is timely and set to boost intra-Africa trade significantly by making cross-border payments less reliant on third currencies.
“It is set to save the continent up to US$5 billion annually, which is the amount currency convertibility costs Africa,” he said.
“The improvement include an increase in the number of AfCFTA State parties from 35 (64%) in December 2020 to 39 (73%) at the end of 2021; Improvement in the agreement on the AfCFTA rules of origin from 81.8% to 88.6% and Activation and operationalisation of the Dispute Settlement Body (DSB), a key pillar in the successful implementation of the agreement, in April,” Mene said.
