Vice President Mahamudu Bawumia, representing Ghanaian President Nana Addo Dankwa Akufo-Addo inaugurated the business operation of the Pan African Payments and Settlement System (PAPSS) last Thursday in Accra, Ghana.

According to Vice President Mahamudu Bawumia, PAPSS is the closest Africa has come to adopting a common currency, adding that it is one of the most significant achievements since the trip. towards the integration of African economies. He disclosed that a Dispute Resolution and Dispute Resolution Facility has been put in place to expeditiously resolve commercial disputes that arise in connection with the implementation of the AfCFTA. While commending AfCFTA and Afreximbank for spearheading the new regional payment system, Mahamudu Bawumia noted that the program can save the African continent five billion dollars a year in payment fees.