President John Dramani Mahama has renewed calls for the immediate establishment of a Pan-African payment and settlement system, warning that Africa cannot achieve true economic integration while relying on third-party currencies for intra-continental trade.
Speaking at the “Accra Reset’s Addis Reckoning” forum on the sidelines of the 39th Assembly of the African Union on Sunday, February 15, President Mahama emphasized that currency conversion requirements remain a major obstacle to boosting trade within Africa.
Referencing concerns raised by Wamkele Mene, Secretary-General of the African Continental Free Trade Area, the President questioned the logic of current payment systems on the continent.
“The Pan-African payment and settlement system is a thing whose time has come — and with urgency. I should be able to ship my goods to Kenya and get paid in cedis rather than a foreign currency,” he stated.
According to President Mahama, reforming payment systems is a key component of the broader Accra Reset agenda, which seeks to dismantle long-standing structural dependencies within Africa’s financial architecture.
Beyond financial reforms, he highlighted improvements in transport and logistics as signs that continental integration is steadily progressing.
He commended ASKY Airlines for enhancing connectivity across West Africa and noted the expansive African route network of Ethiopian Airlines.
President Mahama also pointed to emerging maritime services along the West Coast, including reefer vessels redistributing cargo between Dakar and Douala, and plans for a proposed ferry system connecting Accra, Lagos, and Monrovia.
“Once supply and demand are in place, the logistics will follow,” he observed.
President Mahama stressed that Africa’s growth would generate shared global benefits, echoing sentiments that African prosperity strengthens global prosperity.
“We take time. And we behave like time is waiting for us,” he said, urging African leaders to move beyond policy discussions toward concrete, measurable implementation.
“As we said, this is the Addis reckoning. From Addis, we must stop talking and start implementing.”
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Source: www.myjoyonline.com
