An Efficient And Resilient Payment And Settlement Systems Infrastructure Is Fundamental To The Promotion Of Intra-African Trade - BoG Governor

The Governor of the Bank of Ghana, Dr.

Ernest Addison has firmly asserted the banks conviction that payments systems will be key to the success of the African Continental Free Trade Area (AfCTA).   Speaking on the final day of the prestigious Ghana Academy of Arts and Sciences (GAAS) 2022 Public Forum, the Governor delivered a masterclass in the role of payment systems for the success of AfCTA.

In the Governors view, a supportive payment and settlement system can be used as a strategic tool to enhance and facilitate the African regional integration drive, increase competitiveness, and improve Africa’s position in the international financial system.   A strong and well-regulated African financial infrastructure could deepen the benefits of intra-regional trade, eliminate use of third currency for settlement, improve liquidity management of firms, and reduce transaction costs.The forum, an annual event by the GAAS, is part of efforts to bridge the gap between Academia, Practice and the General Public.  This year’s sessions, scheduled from the 6th of June to the 8th of June is sponsored by UMB, a leading indigenous Ghanaian bank, as part of its 50th-anniversary celebrations.

John Apea, CEO of Etranzact Nana Benneh was speaking on the final day, on a panel with The Governor of the Bank of Ghana, Dr.

In summary , He argued that without infrastructure African Trade would not work.

In response to a question posed to a panel of the speakers during the event, the Chief Executive Officer of UMB , Nana Dwemoh Beneh argued that syndication was critical for Ghanaian Banks to partake in the financing deals critical to build the soft and hard infrastructure needed to facilitate intra-African trade.  He further stated  that Ghana had an advantage, as structures like the Development Bank and the EXIM Bank allowed the banking sector provided the needed muscle for such syndications.Speaking to this reporter, Prof.

He indicated that this was the kind of collaboration that was critical for innovation in Ghana.