Bank Advocates for African Countries to Facilitate Intra-Trade Using Local Currencies
Afreximbank aims to cut US dollar reliance for regional trade Countries trade far more externally than within the region
A pan-African payment system that would allow African nations to trade among themselves, using their own currencies, is gaining momentum.
The African Export-Import Bank expects 15 to 20 countries to have joined the Pan-African Payment and Settlement System by the end of the year, Afreximbank President Benedict Oramah said in an interview ahead of the lender’s annual meetings in Accra, Ghana’s capital, that runs Sunday through June 21. The platform has started commercial operations with nine countries signed up so far, he said.
Source: Furtherafrica.com