Kenya Revives African Push To Ditch Dollar For Pan African Payments and Settlement System

Kenya's President William Ruto has asked African leaders to take first steps towards ditching the globally-bullish US dollar by signing up for a pan-African payments system to facilitate trade within the continent. He made these remarks during the African private sector dialogue conference on the African Continental free trade area (AFCFTA) in Nairobi on May 29, 2023. President Ruto urged his peers in Africa to mobilise central and commercial banks to join Pan-African Payments and Settlement System (PAPSS) which was launched in January 2022. The system for intra-African trade was developed by African Export-Import Bank (Afreximbank) and African Continental Free Trade Area (AfCFTA) Secretariat and backed by the African Union and African central banks.
The adoption of the Pan-African Payments and Settlement System (PAPSS) by African leaders, as urged by President William Ruto, holds significant importance for the continent. This payment system aims to facilitate trade within Africa by providing a unified platform for financial transactions, reducing reliance on the globally dominant US dollar. By mobilizing central and commercial banks to join PAPSS, African countries can promote regional economic integration, foster intra-African trade, and stimulate economic growth. This system will streamline and expedite cross-border transactions, reducing costs and improving efficiency. Furthermore, by promoting the use of local currencies and bypassing the need for foreign exchange conversions, PAPSS can enhance economic sovereignty and strengthen Africa's position in global trade. Therefore, President Ruto was insistent that instead of turning to a dollar alternative like the Chinese Yuan, African countries would be better off using a mechanism for settling payments in local currencies like the Pan-African Payments and Settlement System to avoid unnecessary problems

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