Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante Asiedu, has affirmed the central bank's commitment to the Pan-African Payment and Settlement System (PAPSS), highlighting its critical benefits for Ghana's economy.

Speaking to JoyBusiness on the sidelines of the Afreximbank Annual Shareholders Meeting in Abuja, Nigeria, she said the system offers major advantages in managing Ghana's balance of payments, strengthening the Bank's reserves, and reducing the cost of cross-border trade. "For us in Ghana, PAPSS is very active.

We believe in the infrastructure and its impact on financial intermediation," she said. "Indeed, we were among the first group of central banks in the region to sign up to this system." The Pan-African Payment and Settlement System, spearheaded by Afreximbank, is a centralised financial infrastructure that facilitates the smooth and secure transfer of funds across African borders.

It eliminates the need for currency conversions and minimises transaction costs, which Mrs.