Afreximbank’s digital platforms, including the MANSA and Pan-Africa Payment and Settlement Systems (PAPSS), are playing a pivotal role in Ghana’s economic development and fostering intra-African trade, according to Mr. Gabriel Edgal,
Chairman and CEO of Oakwood Green Africa. Mr. Edgal’s remarks were made during a side event held at the Accra International Conference Centre, coinciding with the launch of the Africa Trade Gateway as part of Afreximbank’s Annual Meetings 2023 (AAM2023).
Highlighting the profound impact of these platforms, Mr. Edgal emphasized the convenience and advantages of the MANSA platform. Designed as a centralized source of primary data for Customer Due Diligence (CDD) and Know Your Customer (KYC) checks, MANSA enables seamless trade between African entities, including financial institutions, corporates, and SMEs. This streamlined process eliminates the need for additional due diligence, thereby boosting businesses and significantly contributing to Ghana’s economy. Mr. Edgal urged Africans to reflect on the challenges hindering intra-Africa trade and to shift their focus toward maximizing the vast potential of African markets.
Addressing the importance of PAPSS, Mr. Edgal emphasized the platform’s significance for Ghana’s development. By allowing businesses in Ghana to trade directly with counterparts across Africa without currency conversion to the dollar, PAPSS reduces demand for foreign currency. Consequently, this can lead to lower exchange rates and strengthened African currencies, making imports cheaper and mitigating the possibility of imported inflation. Mr. Edgal outlined the positive impact these developments can have on local economies.
The side event attracted prominent figures from Ghana’s business sector and other West African countries. Dr. Ernest Addison, Governor of the Central Bank of Ghana, Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade Bank at Afreximbank, Maureen Mba, Head of MANSA Digital Initiative, Mr. Mike Ogbalu, CEO of PAPSS, Niama El Bassunie, CEO of WaysToCap and Operator of Africa Trade Exchange (ATEX), Lizanne Case, Head of TRADAR, Cynthia Gnassingbe, Senior Advisor for Private Sector Engagements at AfCFTA, Mr. Daniel McKorley, Chairman of McDan Group, and Mr. Daniel Addo, CEO of Consolidated Bank Ghana were among the notable speakers who attended the event.
The event underscored the vital role played by Africa’s trade digital platforms in driving Ghana’s economic development. Mr. Gabriel Edgal and other distinguished speakers highlighted the immense opportunities and benefits these platforms bring to intra-Africa trade. As Ghana and other African nations embrace these transformative initiatives, they are poised to unlock the full potential of trade within the continent, stimulate economic growth, and contribute to the journey of building prosperity for all Africans.
