Regional Central Banks Prepare Pilot Program for Pan-African Payment System to Reduce Dependency on US Dollar
June 12, 2024
Regional central banks are shifting towards a payment system less reliant on the US dollar, favoring local currencies. A pilot program based on the Pan African Payment System is set to launch soon.
Regional central banks have agreed on a payment system relying less on the United States dollar and trading more in each country’s currency.
A pilot programme, based on the Pan African Payment System should soon start, said Governor of the Central Bank of Barbados, Dr Kevin Greenidge.
He was speaking after a panel discussion at the Afreximbank 31st Annual Conference and the AfriCaribbean Trade and Investment Forum taking place at the Baha Mar Centre in Nassau, The Bahamas. It is the first time that the Pan African development financial institution is hosting its annual conference in the Caribbean.
The four-day event start today with Greenidge joining an afternoon panel discussion on Navigating Economic Transformation in a Polycrisis World: Strategies for Global Africa.
The other panellists were professor Jeffery Sachs, senior lecturer in Economics at the International Institute of Social Studies (ISS) of the Erasmus University of Rotterdam; John A. Rolle, Governor of the Central Bank of the Commonwealth of the Bahamas; Denys Denya, senior Executive Vice President Afreximbank; Dr Howard Nicholas, senior lecturer in economics at the International Institute of Social Studies (ISS) of the Erasmus University of Rotterdam; Professor Yemi Osinbajo , former Vice President of Nigeria and Dr Donald P. Kaberuka, Chairman and Managing Partner of SouthBridge Group and former president, African Development Bank Group. (AC)
Full story in the Daily Nation tomorrow.
