The African Export-Import Bank — or Afreximbank — expects 15 to 20 countries to have joined the Pan-African Payment and Settlement System (PAPSS) by the end of the year. The bank’s president said in an interview ahead of the lender’s annual meetings in Ghana’s capital. The PAPSS system is using dollar exchange rates for now, said Oramah, whose bank funds the system. Some African leaders have increasingly called for the so-called ‘de-dollarisation’ — trade in currency other than the US dollar. For example, the South African High Commissioner to India has recently spoken out against the “domination” of the US dollar in the world economy.

Source: The North Africa Journal June 22, 2023 11:32 UTC