NEWS– President Yoweri Kaguta Museveni has commended the West African Countries that are at the forefront of pushing for a free monetary zone in the region.
President Museveni remarks were contained at the function to launch the Pan African payments and settlements systems ( PAPSS) that took place today Kempinski Hotel Gold Coast City in Accra in Ghana.
The Oan African Payments and Settlement Systems is a platform that facilitates instant cross border payments in local currencies between countries.
President Museveni who was represented at the function by the Minister of Finance Planning and Economic Development Hon Matia Kasaija said that he appreciated the development and it’s a welcome venture.
President Museveni said that he is looking forward to a time when traders from the rest of African countries will take this advantage of the arrangement to ease cross border transactions, reduce dependency on hard currencies and bring about a significant boost to intra African Trade.
President Museveni made it categorically clear that the arrangement of Pan African Payments and Settlements Systems was an good partnership between the African Export-Import Bank and the Secretariat of African Continental Free Trade in line with the decision of the 12th and 13th Extraordinary Sessions of the Assembly of Heads of States and Governments of the African Union.
The launch was attended by the Secretary General of African Continental Free Trade Area Wamkele Mene and President and Chairman of the Board of Directors of the African Export- Import Bank Prof Benedict Orama.