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Investment does not like violence - BoG Head of Payment Systems

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Wed, 27 Apr 2022 Source: www.ghanaweb.com

Investors need a sane political environment, Dr Settor Amediku

Africa needs a robust and scalable system to grow, Dr Amediku

AfCFTA requires a payment infrastructure designed to enable instant cross-border payments

Money is noted as an essential commodity that individuals and businesses cannot do away with. As many investors look for a suitable environment to pump their monies to accrue some returns, others, on the other hand, look beyond this.

According to the Head of Payment Systems at the Bank of Ghana (BoG), Dr Settor Amediku, investors also lookout for a stable political environment.

He stated categorically that just as humans do have phobias, investment also fears violence.

Speaking at the money summit organized by Business and Financial Times (B&FT) held in Accra on Tuesday, April 26, 2022, the head of payment systems at the Bank of Ghana said, “Another challenge we have is political stability. We need to work as a continent to ensure that there’s peace because capital fears violence…Investment does not like violence. When there’s peace, you see that investments go there.”

Outlining some of the challenges of the Pan-African Payment and Settlement System (PAPSS), he said Africa needs to have a robust, reliable and scalable system to operate effectively.

He added that the success of the African Continental Free Trade Area (AfCFTA) requires a payment infrastructure designed to enable instant cross-border payments in local currencies among the African market.

The Pan-African Payment and Settlement System – PAPSS has been designed to enable the efficient flow of money across African borders.

It minimizes risk and contributes to financial integration across the sub-regions on the continent.

PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks, payment service providers and fintechs across the region can connect as participants.

Source: www.ghanaweb.com
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