AfCFTA needs efficient payment systems, borders and infrastructure to boost intra-African trade – Wamkele Mene
Africa must strengthen its capacity to deliver the payment systems, efficient borders and infrastructure that businesses need to benefit from the African Continental Free Trade Area (AfCFTA), H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat, told project professionals at Project Management Institute’s Global Summit Series in Cape Town.
Wamkele Mene, the Secretary-General of the AfCFTA Secretariat, emphasized to project professionals at PMI’s Global Summit Series in Cape Town that Africa must enhance its capacity for payment systems, efficient borders, and infrastructure to fully benefit from the African Continental Free Trade Area (AfCFTA). Mene stressed the importance of aligning national policies, modernizing customs, and enabling cross-border payments in local currencies to turn trade commitments into easier market access.
He highlighted the Pan-African Payment and Settlement System (PAPSS) as a practical solution, which facilitates cross-border payments in local currencies, thereby reducing reliance on third currencies. The currency conversion costs across Africa could amount to approximately US$5 billion annually, according to Mene. Mene urged professionals from infrastructure, construction, agriculture, services, and customs to contribute to creating a unified market.
He illustrated the impact of fragmented markets using a transaction between businesses in Ghana and Kenya, where businesses might need to purchase a third currency to complete payment, incurring significant conversion costs. Mene stressed that the mechanics of integration matter to businesses, as trade across borders depends on supporting systems and the agreements themselves.
To make trade easier, customs authorities must apply agreed rules, and governments must align domestic policies with continental commitments. The AfCFTA includes safeguards to protect domestic industries and support sectors facing disruption, along with the Digital Trade Protocol that encourages investment in emerging technologies and data centers.
Mene called for greater attention to project preparation and trade infrastructure, as well as digital investment, to strengthen infrastructure and digital services. He also highlighted the role of project professionals in delivering across institutional and national boundaries, as the value of each investment depends on effective connections in customs processes, digital services, and operating institutions.
The ultimate test of AfCFTA, according to Mene, is whether businesses can enter new markets at lower cost and with less administrative burden.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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