President John Dramani Mahama, the leader of Ghana, has made a compelling case for the full implementation of the Pan-African Payment and Settlement System (PAPSS). He believes that this system has the potential to revolutionize intra-African trade by addressing a long-standing issue: the need for currency conversion. Speaking at the Accra Reset’s Addis Reckoning forum, President Mahama highlighted the urgency of the situation, stating that small businesses in Accra often face the challenge of converting local currency into a third-party currency before making international payments. This process can be time-consuming and costly, hindering the growth of African trade. He emphasized that the PAPSS is a timely solution, allowing businesses to ship goods and receive payments in their local currency, thus streamlining trade processes and reducing financial barriers. Additionally, President Mahama stressed the importance of improving transport infrastructure to facilitate the free movement of goods and people across the continent, further enhancing continental integration. He also noted that Africa's development will bring shared global benefits, echoing the sentiment that African prosperity strengthens global prosperity. This call for action has sparked discussions and raised questions about the potential impact of the PAPSS on African trade and the role of currency conversion in shaping the continent's economic future. President Mahama's leadership in this campaign for reparatory justice at the UN further underscores his commitment to addressing structural dependencies in Africa's financial architecture.
