BoG Backs PAPSS: Deputy Governor Touts Cross-Border Payment Boost for Ghana
Matilda Asante Asiedu Says Pan-African Payment System Will Strengthen Reserves and Cut Trade Costs
The Bank of Ghana (BoG) has reiterated its strong support for the Pan-African Payment and Settlement System (PAPSS), describing it as a transformative financial infrastructure for Ghana and the continent.
Speaking on the sidelines of the Afreximbank Annual Shareholders Meeting in Abuja, Nigeria, Second Deputy Governor Matilda Asante Asiedu highlighted the system’s role in addressing key economic challenges, including Ghana’s balance of payments pressures, foreign reserves management, and 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 told JoyBusiness.
PAPSS, developed by Afreximbank in collaboration with African central banks, enables instant, cross-border payments in local currencies across participating African countries. It is seen as a cornerstone of the African Continental Free Trade Area (AfCFTA), offering a major boost to intra-African trade by eliminating the need for third-party currencies like the U.S. dollar.
Mrs. Asiedu emphasized that Ghana's active participation in PAPSS reflects the central bank’s broader commitment to regional integration and monetary cooperation, which are critical to building a resilient African economy.
She further noted that the system’s full adoption will reduce dependence on foreign exchange, improve liquidity management, and enhance financial efficiency for local businesses engaged in international trade.
