Africa saved about $5billion from common payment platform under AfCFTA

The Secretary-General of the African Continental Free Trade Area, Wamkele Mene, has emphasized the importance of a common payment platform for the boosting of intra-African trade.

The AfCFTA S-G recalled that the continent loses about $5 billion from challenges related to payment between African countries that engage in trade.

According to him, ensuring currency compatibility among African countries is a recipe for brewing safe trade and encouraging trade among African countries.

He noted that AfCFTA presents various opportunities “through the elimination or the reduction of barriers of intra-African trade and encourage Africa’s self-sufficiency.”

Wamkele Mene stated that to solve the issue of converting currencies in order to facilitate intra-African trade, PAPSS was developed.

He was speaking at the Zimbabwe-Ghana Business Forum organized by ZimTrade, the National Trade Development and Promotion Organization of the Republic of Zimbabwe on March 27, 2023.

The objective of the forum is for companies from Ghana and Zimbabwe, in identified sectors, to engage in B2B meetings with the ultimate goal of generating business between the two countries.

The guest of honour, the former minister of agriculture, Dr. Afriyie Akoto, commended Zimtrade for the initiative to engage in trade and business discourse with Ghana.

The manager of export promotion at Zimtrade, Vuyiswa Mafu, highlighted some areas in that Ghana can do business with Zimbabwe.

These include processed foods, agro foods, value-addition products, agricultural inputs; seed maize, tobacco seed, fertilizers and the building and construction sector.

SSD/FNOQ