President John Dramani Mahama, the leader of Ghana, has called for the full implementation of the Pan-African Payment and Settlement System (PAPSS) to unlock its potential as a catalyst for intra-African trade. He emphasized that currency conversion requirements have long hindered African trade, and a coordinated solution is urgently needed to address this issue. Speaking at the Accra Reset’s Addis Reckoning forum, President Mahama linked payment reform to the broader Accra Reset agenda, which aims to dismantle structural dependencies embedded in Africa’s financial architecture. He questioned why small businesses in Accra must convert local currency into a third-party currency before paying their counterparts abroad, stating that the Pan-African Payment and Settlement System is a thing whose time has come, and with urgency. He expressed the desire to ship goods to Kenya and get paid in cedis rather than a foreign currency. President Mahama also highlighted the need to improve transport infrastructure to fully advance continental integration and ensure the free and seamless movement of goods and people. He added that Africa’s development would yield shared global benefits, echoing remarks from international participants that African prosperity strengthens global prosperity.
