Mahama Calls for Urgent Adoption of Pan-African Payment System at AU Summit
President John Mahama has urged African leaders to fast-track the creation of a Pan-African payment system, stressing that the continent cannot achieve full economic integration while depending heavily on foreign currencies for intra-African trade.
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Speaking at the African Union summit in Addis Ababa , Mahama called on member states to prioritize trading in their respective local currencies rather than relying on the United States dollar and other external currencies.
According to the Ghanaian leader, adopting a unified continental payment framework would significantly reduce Africa’s dependence on foreign financial systems, lower transaction costs, and shield economies from external currency shocks.
He noted that such a move would also strengthen the implementation of Africa’s free trade agreement by easing cross-border transactions and encouraging greater commercial exchange among member states.
Mahama emphasized that deeper financial cooperation is essential for unlocking the full potential of intra-African trade and advancing long-term economic sovereignty across the continent.
Mahama Calls for Urgent Adoption of Pan-African Payment System at AU Summit