The Bank of Ghana (BoG) has reaffirmed its strong commitment to the Pan-African Payment and Settlement System (PAPSS), describing it as a transformative tool for Ghana’s economy and regional trade integration.
This commitment was highlighted by Second Deputy Governor Matilda Asante Asiedu during the Afreximbank Annual Shareholders Meeting held in Abuja, Nigeria, where discussions centred on Africa’s financial infrastructure and economic growth.
PAPSS, developed under the leadership of Afreximbank, is a cross-border financial system designed to facilitate faster and more affordable trade payments across Africa. It eliminates the need for third-party currencies, reduces transaction costs, and strengthens intra-African trade by allowing direct settlements in local currencies.
Ghana, among the early adopters of the system, continues to benefit from the infrastructure’s ability to manage the country’s balance of payments and reinforce its foreign reserves. The system also provides cost-saving advantages for local businesses engaged in regional trade.
Beyond PAPSS, the BoG is advancing digital payment systems and reinforcing financial innovation. The central bank is actively improving domestic infrastructure while engaging in regional cooperation to enhance regulation and embrace smarter supervision tools. This forward-looking approach aligns with global trends in digital finance, ensuring Ghana remains competitive and secure in the evolving financial landscape.
The Abuja conference also served as a platform for knowledge exchange, with several central banks expressing interest in learning from Ghana’s advancements in digital payment regulation and innovation.
The event concluded with the appointment of George Elombi, former Vice President for Legal and Corporate Services at Afreximbank, as the new President and Board Chairman of the bank.
