Mr. Selasi Koffi Ackom, Chief Executive Officer of the Ghana International Trade and Finance Conference (GITFIC), has recommended the upscaling of education on the Pan African Payment and settlement systems (PAPSS).
According to the GITFIC Chief Executive Officer, the extensive education will address the many misconceptions about the payment systems. He also called for partnership between relevant institutions to achieve the purpose for setting up PAPSS.
“The stakeholders must identify and seek collaboration with existing mobile money platforms for seamless interoperability and Signatories to AfCFTA must harmonise local financial rules with AfCFTA protocols.”Mr. Selasi Koffi Ackom
Meanwhile, the key players they suggested include: the PAPSS Council, GITFIC secretariat, WAMI and the African Continental Free Trade Area (AfCFTA) secretariat, who would target Traders’ Unions, Industry players, Exporters, Financial Watchers and Analysts.
Speaking on their action plans to spiral trade and industry and to buttress the activities of the AfCFTA, Mr Selasi Koffi Ackom, noted that responsible ministries and government agencies would be harnessed to achieve the targets.
Improving Financial Inclusion of the Informal Sector
On improving financial inclusion of the largely informal sector of African economies, Mr Ackom stated that GITFIC would target the informal unbanked sector with stakeholders taking major responsibilities to ensure effective implementation.
Speaking on high cost and bureaucratic systems of doing business in many African countries, Mr Ackom called for the creation of an African business regulatory database, which would be accessible to investors and traders. He further recommended the development of a common platform that will describe all business rules for investors, traders and goods.
Mr Ackom noted that financial institutions becoming too bureaucratic and becoming a disincentive to access finance. He is of the view that financial institutions and DFIs/multilateral funds needed to offer simplified rules to traders and exporters in accessing credit finance for AfCFTA.
“The proposed action plan contains relevant aspects of the recommendations and action points arising from the 6th Ghana International Trade & Finance Conference– GITFIC Conference. This plan is for the consideration and study by the key stakeholders.”Mr. Selasi Koffi Ackom
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.
The CEO moreover, called on the trade and finance ecosystem within Africa to address some of the key challenges affecting implementation of the AfCFTA, noting that GITFIC would continue to engage the key stakeholders to facilitate the execution of the proposed action points.
“We are grateful for your sustained support and commitment to the vision of GITFIC and AfCFTA. We remain the go-to institution for sensitization and education on the AfCFTA and all other trade and finance related matters affecting Africa’s Large, Medium and Small Scale Industries.”Mr. Selasi Koffi Ackom
The CEO further called for the strengthening of education, sensitisation, awareness, and upskilling to harness the benefits of AfCFTA.