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BoG Reaffirms Commitment to PAPSS to Boost Ghana’s Trade and Financial Stability
The Second Deputy Governor of the Bank of Ghana (BoG), Mrs Matilda Asante Asiedu, has reiterated Ghana’s strong commitment to the Pan-African Payment and Settlement System (PAPSS), highlighting its potential to revolutionise cross-border trade and strengthen the country’s economic resilience.
Speaking to JoyBusiness on the sidelines of the Afreximbank Annual Shareholders Meeting held in Abuja, Nigeria, Mrs Asiedu described PAPSS as a game-changer in managing Ghana’s balance of payments and foreign reserves while significantly lowering the cost of trade within Africa.
“For us in Ghana, PAPSS is very active. We believe in the infrastructure and its impact on financial intermediation,” she stated. “Indeed, we were among the first groups of central banks in the region to sign up for this system.”
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Launched by Afreximbank, PAPSS is a centralised financial infrastructure designed to facilitate secure, instant payments across African borders without the need for currency conversions. The system is expected to reduce transaction costs, enhance efficiency, and promote intra-African trade — a vision aligned with the African Continental Free Trade Area (AfCFTA).
Mrs Asiedu noted that as more countries join PAPSS, the benefits for Ghanaian businesses are set to grow.
“We are happy that more countries are coming on board. This expansion will further reduce the cost of cross-border transactions for Ghanaian businesses,” she said.
Beyond PAPSS, the Second Deputy Governor also reaffirmed the BoG’s commitment to driving digital payment innovation and enhancing regulatory frameworks. She revealed that the central bank is actively developing domestic digital payment infrastructure and working closely with regional partners to align on best practices.
“We are working hard to catch up with global trends in digital banking and payment systems,” she explained. “It’s about effective regulation, and that means embracing innovative solutions that can help us regulate smarter.”
During the meeting, several African central bank governors reportedly expressed interest in learning from Ghana’s advances in payment system regulation and digital innovation. Mrs Asiedu welcomed this enthusiasm and encouraged further collaboration.
“We’re open to collaboration and knowledge-sharing. That’s how we all grow,” she said.
The Afreximbank gathering concluded with the election of George Elombi, former Vice President for legal and corporate services at Afreximbank, as the new President and Board Chairman of the Bank — a move expected to reinforce the institution’s leadership in promoting Africa’s financial integration.
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