At its sixth annual conference, the Ghana International Trade and Finance Conference (GITFiC) suggested expanding instruction on Pan African Payment and Settlement Systems (PAPSS).
The PAPSS Council, the GITFIC secretariat, WAMI, and the African Continental Free Trade Area (AfCFTA) secretariat, they said, would be the primary actors and would focus on targeting trade unions, industry participants, exporters, financial watchers, and analysts.
In order to achieve smooth interoperability, the stakeholders must identify and seek collaboration with current mobile money systems, and Signatories to AfCFTA must harmonise regional financial regulations with AfCFTA protocols.
Selasi Koffi Ackom, Chief Executive Officer of the GITFiC, stated that competent ministries and government agencies will be utilised to achieve goals when speaking to the Ghana News Agency about their action plans to boost trade and industry and support the AfCFTA's operations.
Mr. Ackom stated that the informal unbanked sector will be the focus of efforts to increase financial inclusion in the primarily informal sector of African economies, with key players bearing substantial responsibility for ensuring successful implementation.
Mr. Ackom advocated for the development of an African business regulatory database that would be accessible to investors and traders and suggested the opening of a common platform describing all business rules for many African countries due to the high costs and bureaucratic systems of doing business in many African countries.
Mr. Ackom thought financial institutions and DFIs/multilateral funds needed to provide merchants and exporters with simplified procedures for accessing credit financing for AfCFTA since they were becoming too bureaucratic and making it difficult to get finance.
The 6th Ghana International Trade & Finance Conference's suggestions and action points are included in the suggested action plan in a meaningful manner. The important stakeholders are to think about and examine this plan.
He stated that the GITFIC will continue to engage the key stakeholders to support the execution of the recommended action items in the trade and finance ecosystem inside Africa to solve some of the major obstacles impacting implementation of the AfCFTA.
"We appreciate your steadfast support of and dedication to the goals of GITFIC and AfCFTA. We continue to be the institution of choice for education and awareness on the AfCFTA and all other trade- and finance-related issues facing Africa's Large, Medium, and Small Scale Industries.