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African Continental Free Trade Area (AfCFTA) single currency.
As part of a joint effort, the Economic Commission for Africa (ECA), the African Association for Public Administration and Management (AAPAM), the Pan-African Strategic and Policy Research Group (PANAFSTRAG) is holding a two-day roundtable to weigh the possibilities, risks and benefits of a Single Currency structure within the AfCFTA.
More so, the meeting will establish the potentials of digital trade finance tools such as FinTech to promote intra-African trade.
- CBN, Afreximbank to utilise PAPSS to improve trade and payment
- ECOWAS to Introduce Common Currency Eco
AfCFTA PAPSS and single currency
A Continental Payments System or the Pan-African Payment and Settlement System (PAPSS) is optimum to the risks involved in a single currency structure.
PAPSS, an initiative of the AfreximBank will provide a payment platform in form of a clearinghouse while retaining national currencies.
It could contribute to a more productive trade system on the African continent as well as enhance financial inclusivity and accessibility for traders and consumers.
This will further deepen Africa’s trade integration through the smooth implementation of the AfCFTA. Nigeria was named the hub of payment in Africa.
The movement of goods and services, as well as the integration of Africa, will record growth as the AfCFTA structure gradually takes off.
- Setbacks in free trade in Africa six months after AfCFTA
- CBN on reducing the cost of cross-border payments through mobile money under AfCFTA
Mr Adeyinka Adeyemi, Senior Advisor at the ECA has also said that the AfCFTA movement needs to engage the private sector on matters relating to the single currency.
“We need to understand and engage the private sector going forward as the single African currency has many promises in terms of boosting trade across the continent.”
