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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    BoG Governor confident inflation has peaked; expects rate to start declining

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    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

    Monetary Policy Rate must be increased to 19% to check inflation – IEA

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

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    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

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    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

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    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

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    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

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Implement strategies to sustain increased consumer preference for digital payments – Bawumia

byNerteley Nettey
January 16, 2022
in Africa, Banking And Finance, Top Stories
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Vice President, Dr. Mahamudu Bawumia, has asked African countries to introduce innovative ways and strategies to sustain the increased consumer preference for digital payments.

According to him, this will ensure the smooth and effective implementation of the Pan African Payment and Settlement System (PAPSS) as well as an increase in intra-African trade.

Speaking at the commercial launch of the Payment System in Accra, Dr. Bawumia also called for strict enforcement of the African Continental Free Trade Area, AfCFTA, and the regulatory framework for financial services to alleviate some of the challenges of regulatory divergence.

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“We have also witnessed the negative effects of the Covid-19 pandemic on the economies across the globe, and more especially on the African economies. The pandemic continues to reverse some of the economic gains we have achieved and also brought to the fore sustainability of some of these interventions. Trade has also been impacted through disruption to supply chains of imports and exports of goods and services. The good news however is that we have seen increased consumer preference for digital payments, which we have to sustain for intra-African trade,” he said.

He further noted that increased intra-African trade will encourage industrialisation and local production, “because it is these ‘made in Africa’ products and goods meeting the rules of origin that will benefit from this privileged access to the continental market.”

Available trade statistics provided by the African Union in its Annual Trade Report of the year 2020 indicate that intra-African trade remains low, with an average of 13% for intra-imports and 20% for intra-exports over the period of the last seven years.

Though the share of intra-exports trade increased slightly, from 18.2% in 2013 to 19.6% in 2019, the value of total intra-African exports declined during the same period. These trade payments and relationships are also characterised by settlements involving foreign exchange use, which sometimes put pressure on African currencies coupled with issues relating to the speed of transactions, convenience and high cost of these transactions.

The Pan African Payment and Settlement System, PAPSS, was commissioned at the 12th Extraordinary Summit of the Assembly of the African Union (AU) on July 7, 2019 in Niamey, the Republic of Niger, as one of the operating instruments of the AfCFTA; an instrument to boost intra-African trade, stimulate industrialisation and promote sustainable and inclusive economic growth in Africa.

PAPSS is expected to connect the entire continent and handle instant payments in multiple African currencies and provide a settlement mechanism that creates trust within the ecosystem.

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