President John Mahama has charged African leaders to prioritize fast-tracking the full operationalization of the Pan-African Payment and Settlement System (PAPSS).
According to him, this, when done, will facilitate the payment of goods and services across the continent, eliminating a key barrier that continues to hinder increased trade.
He made the remarks at the Africa Prosperity Dialogues 2025 in Accra, this February.
“We must fast-track the full operationalization of the Pan-African Payment and Settlement System to facilitate the payment for goods and services across our continent.”
In addition to the operationalization of PAPSS, President Mahama also highlighted the need to invest in infrastructure, such as an efficient rail and road networks, ports, and digital connectivity, to facilitate trade.
“Trade liberalization in itself is not enough. We must invest in infrastructure to facilitate trade, such as efficient road and rail networks, ports and digital connectivity. We must strengthen African supply chains to ensure that our industries produce goods and services that meet both regional and global standards. We must harmonize our trade policies to eliminate non-tariff barriers and reduce the cost of doing businesses across borders.”
According to President Mahama, if the above listed actions are taken, Africa can unlock a 3.4 trillion-dollar market, creating jobs and prosperity for millions of Africans across the continent.
The three-day Africa Prosperity Dialogue (APD) brought together presidents, policymakers, and business leaders from across Africa to discuss and look into solutions to the continent’s key challenges, while leveraging available opportunities for accelerated growth.