Mr. Denys Denya, Afreximbank’s Executive Vice President Finance and Banking Services, has revealed that the African Union in collaboration with the Afreximbank, are rolling out the Pan-African Payments and Settlement System (PAPSS).

He said PAPSS would provide alternative to current high-cost and lengthy correspondent banking relationships to facilitate trade and other economic activities among African countries through a simple, low-cost and risk-controlled payment clearing and settlement system.

Mr Denya stated at the 12th African Private Sector Forum in Cairo, Egypt and made available to the Ghana News Agency in Tema.

He said the significance of the African Private Sector Forum was to rally the support of policy-makers and the private sector in the COVID-19 pandemic recovery efforts.

Alhaji Mohamed Abul Enein, Deputy Speaker of the Egyptian Parliament, expressed optimism on the ability of African economies to recover, recalling that pre-COVID-19 pandemic, six of the world’s 10 fastest-growing economies were in Africa, indicating the potentials of the continent.

He urged the continent to focus on the implementation of commitments in the high-return sectors such as the expansion of agriculture, renewable energy and infrastructure sectors.

Alhaji Enein called for the need to eradicate poverty on the continent, and allow viable opportunities for solid Public-Private Partnerships.

Ambassador Soha El Gindy, the Assistant Minister of Foreign Affairs for African Union and African Organisations underlined the need to strengthen productive capacities and integrate industrialization to harness Africa’s natural resources.

He said enhanced human capacity to add value to the resources and to explore the continental high consumer market, was a means to promote intra-African trade.

At the African Private Sector Forum, the Best African Manufacturers Awards ceremony was also held. Awards were given to the Dangote Group; the Arab Organization for Industrialization; and the Elsewedy Electric company.

Separately, a High Level event for African Startups Pitch “Hunting for Africa’s Unicorns” and innovators and investors match-making event, was held where youth entrepreneurs across Africa benefited from pledges and support from established business enterprises.

The African Private Sector Forum is an annual gathering of stakeholders in the public and private sector convened by the African Union, to promote the work of the AU in the area of economic integration and private sector development and engagement.

The Forum also acts as a vehicle for empowering the African Private Sector through advocacy, Networking, sharing of business and market information and skills.

The Forum underscored the need to overhaul the African public contract sector within the context of COVID 19, to ensure a 50 per cent participation of domestic companies.

At least 50 per cent of Public Procurement to African Private Sector including SMEs, Women and Youth will fast track the creation of African companies within the construction, the pharmaceutical industries, the information technology, energy, agriculture and Agribusiness, mining and Mineral Development domains and Industrialization as a core for Africa’s Economic transformation.

Source: AU.Int

credit: GNA

(By Francis Ameyibor)