By Naa Dzagbley Ago
President of AFREXIMBank, Prof. Benedict Oramah, has asked African countries to broaden their scope in the 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 five billion dollars in intra-African trade transfer charges.
He said it is therefore imperative that an enabling business environment is created where things bought in Africa will be paid in the local currency of countries. This he noted ”will bring about domestication of Africa’s trade as well as promote intra-African trade”.
Prof. Oramah made these remarks at the 30th Anniversary and Annual General Meeting of AFREXIM Bank in Accra, Ghana.
Prof. Oramah hinted that plans are far advanced to see the seamless transshipment of goods from Cairo to other countries within the continent.
AFRIEXIM, he stated, has disbursed more than ”30 million dollars to support intra-African trade”.
Meanwhile, AFREXIM Bank is to establish Quality Assurance centres across the Continent within the next four years. This is expected to facilitate trade as well as ensure the standardization of goods produced in the region. In view of this, Prof. Oramah mentioned that about 45 million dollars will be disbursed in the continent. He therefore stressed the need for Africa to consume what it produces to fasten the pace of its economic growth.
Prof. Oramah said the Bank is working to ensure Africa’s industrialization is key, hence ”a number of industrial facilities and trade zones will be built to achieve this feat”.