For decades, Ghanaian businesses trading across African borders have been trapped in a financial paradox. If a trader in Makola Market wants to buy textiles from a supplier in Lagos, or a tech startup in Accra needs to pay a developer in Nairobi, they cannot simply swap Ghanaian Cedis (GHS) for Nigerian Nairas (NGN) or Kenyan Shillings (KES). Instead, they must first purchase US Dollars or Euros, route the money through an offshore correspondent bank in Europe or America, and wait days for clearance.
This outdated loop costs African businesses an estimated $5 billion annually in transaction fees and leaves our local currency at the mercy of foreign exchange shortages.
Enter the Pan-African Payment and Settlement System (PAPSS). Spearheaded by Afreximbank and the AfCFTA Secretariat, PAPSS is the financial superpower Africa has been waiting for. It is a live, functioning…
