To The Promotion Of Intra-African Trade - Governor of the Bank of Ghana
Dr. Ernest Addison, the Governor of the Bank of Ghana, has said unequivocally that payments systems will be critical to the development of the African Continental Free Trade Area (AfCTA).
The Governor gave a masterclass on the role of payment systems in the success of AfCTA on the final day of the renowned Ghana Academy of Arts and Sciences (GAAS) 2022 Public Forum.
A supporting payment and settlement system, according to the Governors, may be utilized as a strategic tool to expand and facilitate African regional integration, raise competitiveness, and strengthen Africa's position in the international financial system.
A robust and well-regulated African financial infrastructure might boost intra-regional trade advantages, remove the need for third-party settlement, enhance company liquidity management, and lower transaction costs.
The GAAS hosts the forum every year to help bridge the gap between academia, practice, and the general public.
As part of its 50th anniversary festivities, UMB, a major indigenous Ghanaian bank, is sponsoring this year's sessions, which will take place from June 6 to 8. Prof. Ernest Kofi Abotsi, Prof. Kwadwo Appiagyei-Atua, Mr. David Ofosu-Dorte, and Ms. Beatrice Chaytor, Head, Trade in Services Division, AfCFTA, Mr. John Apea, CEO of Etranzact Nana Benneh spoke on a panel with the Governor of the Bank of Ghana, Dr. Ernest Addison on the last day of the forum.
Prof. Peter Quartey, Prof. Fiadzoe, Nana Dr. SKB Asante and Prof. Akilagpa Sawyerr - both previous Presidents of GAAS – and Mr. Herbert Krampah, Deputy Minister of Trade, and other senior officials from the Bank of Ghana were among those who attended the Forum.
Professor Ebo Turkson of the University of Ghana's Department of Economics gave a lecture before the Governors' address. Prof. Turkson's analysis focuses on the need for significant investments in both physical and soft infrastructure to reduce intra-African trade costs.
Prof. Turkson used figures and graphs to show how trading with Europe was less expensive for a Ghanaian company. In conclusion, he stated that without infrastructure, African trade will suffer.
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