President of AFREXIMBANK, Professor Benedict Okey Oramah has imployed African countries to broaden their scope in their quest to gain economic emancipation.
He said with the introduction of the Pan-African Payment And Settlement System, PAPSS, the continent is expected to save about 5 billion dollars in intra-African trade transfer charges.
According to him, an enabling business environment must be created where things bought in Africa would be paid for in the local currency of countries.
This, he noted would bring about the domestication of Africa’s trade as well as promote intra-Africa trade.
Professor Oramah made these remarks at the opening of the 30th Annual General Meeting of AFREXIMBANK in Accra.
“We want to establish a free trade area amongst the various African countries.
We want to establish what they call at that time, a Pan African Payment and Clearing Union.
They resolve to establish a common market to protect the emergent industries and set up raw material price stabilization form.
We also want to develop trade among African countries by organization and participation, and by granting transport and transit facilities.
We want progressively free national currencies from all non-technical attachments and the establishment of the Pan African Monetary Zone,” He said.
He also hinted that plans are far advanced to see the seamless shipment of goods from Cairo to other countries within the continent.
AFREXIMBANK, he stated has disbursed more than 30 million dollars in this regard.
Prime Minister of Barbados, Mia Mottley in her speech calls for unity amongst African countries to bring about the needed development required in the continent.
Prime Minister Mottley asserted, “We, the leaders of the Caribbean and African nations, must continue our developmental journeys together, for the path to our mutual success will be one forged in unity.”
She notes the importance of unity, adding that although resources are scarce, it is certain that pulling all along toward liberalization will bring positive results.
“Today was a historic moment for people of African descent. It was clear to me that as we came together – leaders from the Caribbean and the African continent – the path to our mutual success will be one forged by unity, “said the prime minister.
