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GITFIC urges greater awareness of PAPSS

Accra, 23 June GNA – At its sixth annual conference, the Ghana International Trade and Finance Conference (GITFIC) suggested expanding instruction on Pan African Payment and Settlement Systems (PAPSS).

The PAPSS Council, GITFIC secretariat, WAMI, and African Continental Free Trade Area (AfCFTA) secretariat, which would target trade unions, industry participants, exporters, financial watchers, and analysts, were proposed as the important players.

In order to achieve smooth interoperability, the stakeholders must identify and seek collaboration with current mobile money systems, and Signatories to AfCFTA must harmonize regional financial regulations with AfCFTA protocols.

Speaking to the Ghana News Agency about their plans to boost trade and industry and support the AfCFTA’s activities, Mr. Selasi Koffi Ackom, CEO of the GITFIC, stated that accountable ministries and government agencies would be used to meet their objectives.

Mr. Ackom stated that the informal unbanked sector would be the focus of efforts to increase financial inclusion in the primarily informal sector of African economies, with key stakeholders taking substantial responsibility for ensuring successful implementation.

Speaking on high cost and bureaucratic systems of doing business in many African countries, Mr. Ackom called for the creation of an African business regulatory database, which would be accessible to investors and traders, and recommended the development of the opening of a common platform describing all business rules for investors, traders in goods.

Mr. Ackom thought financial institutions and DFIs/multilateral funds needed to provide traders and exporters with simplified procedures for accessing credit finance for AfCFTA since they were becoming too bureaucratic and making it difficult to get finance.

The 6th Ghana International Trade & Finance Conference’s recommendations and action points are included in the proposed action plan in a meaningful manner. The important stakeholders are to think about and study this plan.

He stated that the GITFIC would continue to engage the key stakeholders to support the execution of the recommended action items in the trade and finance ecosystem inside Africa to solve some of the major obstacles impacting the implementation of the AfCFTA.

“We appreciate your steadfast support of and dedication to the goals of GITFIC and AfCFTA. We continue to be the institution of choice for education and awareness on the AfCFTA and all other trade- and finance-related issues facing Africa’s Large, Medium, and Small Scale Industries.

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