Moody’s Upgrades Ghana’s Credit Rating to B3, Revises Outlook to Stable
Agency cites lower borrowing costs, improved debt affordability and sustained fiscal discipline,…
Tony Elumelu Pays Courtesy Visit to President Mahama in Accra
Nigerian businessman, investor and philanthropist Tony O. Elumelu has paid a courtesy…
Tony Elumelu Calls for Trade, Investment and African-Led Development at UNGA81
Heirs Holdings chairman says Africa must leverage its resources, young entrepreneurs and…
Ghana, EU Deepen Film Cooperation Through EU Film Festival
The Minister for Tourism, Culture and Creative Arts, Hon. Abla Dzifa Gomashie,…
PMI launches free course to help entrepreneurs turn ideas into viable businesses
Africa’s creator economy is projected to reach nearly US$18 billion by 2030,…
GRA investigates 28 containers reported missing at Tema Port
The alleged disappearance of 28 containers at the Tema Port has raised…
French Embassy in Accra and Gender Mistry discuss partnership for Women’s Empowerment
The Ambassador of France to Ghana, H.E. Diarra Dime-Labille led a delegation…
Mene calls for stronger delivery capacity to unlock AfCFTA benefits for businesses
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. In a fireside conversation with George Asamani, PMI’s Managing Director for Sub-Saharan Africa, Mene outlined the work needed to turn continental trade commitments into easier access to markets. Priorities include aligning national policies, modernising customs and enabling cross-border payments in local currencies. Speaking under the summit theme Africa Delivers M.O.R.E. Together, he urged professionals across infrastructure, construction, agriculture, services and customs to consider how their expertise could help connect African economies. “We all have a contribution to creating a single integrated market,” Mene said. He illustrated the cost of fragmented markets through a transaction between businesses in Ghana and Kenya. Despite trading within Africa, the businesses may need to purchase a third currency, typically the US dollar, to complete payment. He estimated the associated currency conversion costs across the continent at approximately US$5 billion annually. Mene pointed to the Pan-African Payment and Settlement System (PAPSS), developed by Afreximbank in collaboration with the AfCFTA Secretariat, as a practical response. The system enables cross-border payments in local currencies, reducing reliance on third currencies. The payments example showed why the mechanics of integration matter to businesses. The ability to trade across borders depends on the systems supporting each transaction, as well as the agreement itself. Reducing friction in those systems can help make access to a continental market commercially useful. Making trade easier also requires customs authorities to apply agreed rules and governments to align domestic policies with continental commitments. Asamani connected those requirements to the skills needed to deliver programmes involving multiple institutions and countries. “A continental agreement becomes meaningful when a business can use it,” said Asamani. “That depends on people who can coordinate institutions, manage risk, deliver reliable systems and keep the intended benefit in view. Project management provides the discipline to carry a policy commitment through to a service that businesses can use.” Mene also addressed concerns about the impact of liberalisation on domestic industries. He explained that the agreement includes safeguards and that adjustment support can help sectors facing disruption as markets open. “We have rules that protect infant industries in a country,” he said.…
KGL Chairman Calls for a New Role for African Media in Building Business Champions
Executive Chairman of KGL Group, Alex Apau Dadey, has challenged African media…
Dangote praises Mahama over Ghana’s economic turnaround
Africa’s richest man and President of the Dangote Group, Aliko Dangote, has…