Vice-President Mahamudu Bawumia on Tuesday, August 31, 2021, had a meeting with the Secretary-General of the AFCFTA, Mr Wamkele Mene, and the President of Afriexim Bank, Professor Benedict Oramah, to discuss the implementation of the continental Payment and Settlement System (PAPSS).
PAPSS is to facilitate African trade and economic development.
The PAPSS will allow for the settlement of transactions across Africa in local currencies instantly.
The pilot of the PAPSS according to Dr Bawumia will be undertaken by the six countries of the West African Monetary Zone (WAMZ): Ghana, Nigeria, Liberia, Sierra Leone, The Gambia and Guinea.
The Central banks of all six countries have gone live on the system and will begin transactions in a few weeks. “This is historic for Africa,” Dr Bawumia said while commending Mr Wamkele Mene and Prof. Benedict Oramah for their leadership.