Ghana Leads West African Adoption of Pan-African Payment System, Reducing Cross-Border Transaction Costs by 62 Percent for Intra-Continental Trade

Eighteen months after Ghana became the first country to fully integrate the African Continental Free Trade Area's Pan-African Payment and Settlement System, intra-regional trade volumes through Accra have increased by 41 percent, and currency conversion costs have fallen from an average 6.8 percent to 2.6 percent.