Efficient And Resilient Payment And Settlement Systems Infrastructure 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. Speakers through-out the forum including leading lights and experts on AfCTA included Prof. Ernest Kofi Abotsi, Prof. Kwadwo Appiagyei-Atua, Mr. David Ofosu-Dorte and Ms. Beatrice Chaytor, Head, Trade in Services Division, AfCFTA, Mr. 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. Ernest Addison.

The Forum was well patronized with leading luminaries including Prof. Peter Quartey,   Prof Fiadzoe, Nana Dr. SKB Asante  and  Prof. Akilagpa Sawyerr – both former President of GAAS and Mr. Herbert Krampah, Deputy Minister of Trade , and other senior executives from the Bank of Ghana.

The Governors presentation was preceded by a lecture by Professor Ebo Turkson of the Dept. of Economics at the University of Ghana. The thrust of Prof. Turkson’s report focused on the need for heavy investments in hard and soft infrastructure to cut down the cost of intra-African trade.

With the aid of tables and graphs, Prof. Turkson illustrated how it was cheaper for a Ghanaian business to trade with Europe. In summary , He argued that without infrastructure African Trade would not work.