The Bank of Ghana (BoG) has reaffirmed its firm commitment to the Pan-African Payment and Settlement System (PAPSS), a revolutionary platform designed to facilitate cross-border payments across Africa, reduce transaction costs, and enhance intra-African trade.

Speaking to JoyBusiness on the sidelines of the Afreximbank Annual Shareholders Meeting in Abuja, the Second Deputy Governor of the BoG, Mrs Matilda Asante Asiedu, described PAPSS as a vital tool for managing Ghana’s balance of payments and shoring up foreign reserves.

“For us in Ghana, PAPSS is very active. We believe in the infrastructure and its impact on financial intermediation,” she said. “Indeed, we were among the first groups of central banks in the region to sign up for this system.”

Developed by Afreximbank, PAPSS is a centralized, secure financial infrastructure that allows instant cross-border payments in local currencies, eliminating the need for costly currency conversions. The system is viewed as a cornerstone of the African Continental Free Trade Area (AfCFTA), supporting the vision of a more integrated African economy.

Mrs Asiedu highlighted that Ghanaian businesses stand to gain even more as additional African nations adopt the system.

“We are happy that more countries are coming on board. This expansion will further reduce the cost of cross-border transactions for Ghanaian businesses,” she noted.

Beyond PAPSS, the Second Deputy Governor emphasized BoG’s broader commitment to financial innovation. She revealed that the central bank is actively developing domestic digital payment infrastructure and strengthening regulatory frameworks to keep pace with global fintech trends.

“We are working hard to catch up with global trends in digital banking and payment systems,” Mrs Asiedu said. “It’s about effective regulation, and that means embracing innovative solutions that can help us regulate smarter.”

Her comments drew attention from several African central bank leaders, who reportedly expressed interest in Ghana’s regulatory approach and technological progress in the payments space.

“We’re open to collaboration and knowledge-sharing. That’s how we all grow,” she added.

The meeting concluded with a leadership transition at Afreximbank, as George Elombi, the bank’s former Vice President for Legal and Corporate Services, was elected President and Board Chairman. His appointment is expected to bolster efforts to drive financial integration across the continent.