BoG Reaffirms Commitment to PAPSS to Strengthen Trade and Financial Resilience

The Bank of Ghana (BoG) has reiterated its strong support for the Pan-African Payment and Settlement System (PAPSS), describing the platform as critical to Ghana’s trade integration, financial stability, and broader economic resilience.

Speaking to JoyBusiness on the sidelines of the Afreximbank Annual Shareholders Meeting in Abuja, Nigeria, Second Deputy Governor of the BoG, Mrs. Matilda Asante Asiedu, emphasised PAPSS’s potential to transform cross-border payments across the continent by eliminating the need for currency conversions and reducing transaction costs.

“For us in Ghana, PAPSS is very active. We believe in the infrastructure and its impact on financial intermediation,” Mrs. Asiedu said. “Indeed, we were among the first groups of central banks in the region to sign up for this system.”

Launched by Afreximbank, PAPSS serves as a centralised settlement platform to facilitate secure, instant payments among African countries. The initiative supports the objectives of the African Continental Free Trade Area (AfCFTA) by improving trade efficiency and deepening regional financial integration.

Mrs. Asiedu welcomed the growing number of countries adopting PAPSS, noting that the system’s expansion is expected to yield even greater benefits for Ghanaian enterprises engaged in intra-African trade.

“We are happy that more countries are coming on board. This expansion will further reduce the cost of cross-border transactions for Ghanaian businesses,” she stated.

In addition to PAPSS, the Second Deputy Governor highlighted the BoG’s broader efforts to modernise Ghana’s digital payments landscape. She confirmed that the central bank is advancing domestic digital infrastructure and strengthening regulatory frameworks to promote secure and inclusive financial services.

“We are working hard to catch up with global trends in digital banking and payment systems,” she noted. “It’s about effective regulation, and that means embracing innovative solutions that can help us regulate smarter.”

During the Abuja summit, several central bank governors expressed interest in Ghana’s experience with payment systems regulation and digital innovation. Mrs. Asiedu welcomed regional collaboration and knowledge-sharing as essential tools for mutual progress.

“We’re open to collaboration and knowledge-sharing. That’s how we all grow,” she said.

The meeting concluded with the election of George Elombi, former Vice President for Legal and Corporate Services at Afreximbank, as the new President and Board Chairman of the Bank. His appointment is expected to further strengthen Afreximbank’s role in fostering Africa’s financial and economic integration.