Participants at the just-ended 6th conference of the Ghana International Trade and Finance Conference (GITFIC) have called for the institution and promotion of stronger collaboration on research and development among association of African countries.
According to the participants, harmonization and dispute resolution mechanisms must be given a priority. They have also agreed that identified challenges should be addressed and given a sustained strategic priority.
Mr Selassi Koffi Ackom, Chief Executive Officer of GITFIC, called on African countries to ensure the harmonisation of the dispute resolution mechanisms of the regional economic communities and the AfCFTA.
“ Leverage existing technologies to promote digital literacy, particularly, in the informal sector and encourage African start-ups and fintech to build a system that enhances cyber security intelligence and reduces identity theft.”
Mr Selassi Koffi Ackom
Meanwhile, the participants also called for the building of institutional capacity among stakeholders and businesses in the formal and informal sectors in the implementation of the Pan African Payment and Settlement System (PAPSS).
Mr. Ackom iterated the call for the harmonisation of the rules on the conduct of business and risk profiling and to develop a model which would ensure seamless interoperability of mobile money systems and the PAPSS.
“Financial institutions should also streamline, improve transparency, and offer competitive charges for cross-border transactions under AfCFTA and State Parties should be given the necessary technical support to urgently establish the National Monitoring Committees and National Focal Points on Non-Tariff Barriers (NTBs).
“Facilitate the negotiation process on the AfCFTA protocol on women to improve gender inclusiveness, and complement existing gender charters.”
Mr Selassi Koffi Ackom
Participants also called for the strengthening of education, sensitisation, awareness, and upskilling to harness the benefits of AfCFTA.
The AfCFTA is expected to connect about 1.3 billion people across 54 African countries through a single market for goods and services, making it the world’s largest free trade area.
The 3-day conference brought together industry players from most African countries to synergize ideas on trade, commerce and integration.
This year’s Ghana International Trade and Finance Conference (GITFiC) event also featured conversations on the role of local governance in helping with extensive sensitization, education, and preparing the minds of the business communities within metropolitan, municipal, and district localities.
The first panel held discussion on the theme ‘Towards an Effective and Efficient Mobile Money Transactional Penetrations in Africa; A Catalyst to solving Cross Border Payment & Settlement, an Anticipated-Barrier within the AfCFTA– The Role of Financial Regulators and Stakeholders.’
The event saw Guests including the African Union Economic Commissioner for Trade, Industry, and Mining. In addition to that, the Director-General of the West African Monetary Institute will lecture on a special presentation on the entire scope of the implementation of the Pan African Payment and Settlement System- an undeniable critical component of the Continental Free Trade Area.
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