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    Africa: Nigeria Ascends Global Customs Leadership as CGC Adeniyi Becomes WCO Council Chair

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              Africa: Launch of PAPSSCARD Marks Major Leap Toward Financial Sovereignty and Intra-Continental Trade Integration

              Africa: Launch of PAPSSCARD Marks Major Leap Toward Financial Sovereignty and Intra-Continental Trade Integration

              Africa: Nigeria, Egypt Top $95 Billion Remittance Surge, Unlocking New Investment Frontiers

              Africa: Nigeria, Egypt Top $95 Billion Remittance Surge, Unlocking New Investment Frontiers

              Nigeria: Customs Integrates CBN, FIRS, Banks into B’Odogwu Platform to Digitize Trade Efficiency

              Nigeria: Customs Integrates CBN, FIRS, Banks into B’Odogwu Platform to Digitize Trade Efficiency

              Africa: Nigeria Ascends Global Customs Leadership as CGC Adeniyi Becomes WCO Council Chair

              Africa: Nigeria Ascends Global Customs Leadership as CGC Adeniyi Becomes WCO Council Chair

              Kampala Road Works: Kigenyi urges safety, order

              Kampala Road Works: Kigenyi urges safety, order

              Kenya secures EBRD African hub

              Kenya secures EBRD African hub

              Nigeria, Rwanda sign double taxation treaty

              Nigeria, Rwanda sign double taxation treaty

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              • FEATURES
                Meet Sidi Ould Tah: Newly President of African Development Bank Group

                Meet Sidi Ould Tah: Newly President of African Development Bank Group

                Meet the newly appointed executives steering NNPC Limited

                Meet the newly appointed executives steering NNPC Limited

                Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                Meet Haruna Iddrisu: The Politician, Lawyer, and Latest  Minister of Ghana’s Ministry of Education

                Meet Haruna Iddrisu: The Politician, Lawyer, and Latest  Minister of Ghana’s Ministry of Education

                Meet Agnes Naa Momo Lartey: The Minister Designate for the Ministry of Gender, Children and Social Protection in Ghana

                Meet Agnes Naa Momo Lartey: The Minister Designate for the Ministry of Gender, Children and Social Protection in Ghana

                Meet Justina Nelson: A Banking Visionary and Strategic Leader Who Takes Over MIIF as Acting Chief Executive Officer

                Meet Justina Nelson: A Banking Visionary and Strategic Leader Who Takes Over MIIF as Acting Chief Executive Officer

                Meet Nigeria’s Newly Nominated Ministers

                Meet Nigeria’s Newly Nominated Ministers

                Nigeria’s $5 billion FLNG project gets Presidential endorsement

                FULL TEXT: President of Nigeria 2024 Independence Day speech

                Trending Tags

                • DIGITAL ECONOMY
                  Tanzania signs deal with Cuban firm to enlarge TBPL

                  Tanzania signs deal with Cuban firm to enlarge TBPL

                  Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                  Namibia: President Nandi-Ndaitwah unveils new cabinet

                  Kenya: Ministry of Health outlines SHA compliance measures

                  Kenya: Ministry of Health outlines SHA compliance measures

                  South Africa: Durban Port to expand vehicle terminal

                  South Africa: Durban Port to expand vehicle terminal

                  Botswana, Türkiye aim for stronger ties

                  Botswana, Türkiye aim for stronger ties

                  Nigeria to host 2025 Afreximbank annual meetings

                  Nigeria to host 2025 Afreximbank annual meetings

                  Ghana:Adjei reaffirms commitment to expanding urban water supply

                  Ghana:Adjei reaffirms commitment to expanding urban water supply

                  Mahama reaffirms commitment to economic stability

                  Mahama reaffirms commitment to economic stability

                  Kenya Government Embarks on County Industrialization Initiative to Boost Trade and Employment

                  Kenya Government Embarks on County Industrialization Initiative to Boost Trade and Employment

                  Trending Tags

                  • INTERVIEW
                    Botswana Stock Exchange’s Strategic moves to attract foreign investors: Insights from CEO ; Kopano Bolokwe

                    Botswana Stock Exchange’s Strategic moves to attract foreign investors: Insights from CEO ; Kopano Bolokwe

                    Transforming Botswana’s Public Service: Gaone Manzini on Leadership, Integrity, and Vision for the Future

                    Transforming Botswana’s Public Service: Gaone Manzini on Leadership, Integrity, and Vision for the Future

                    White House Welcomes Kenya William Ruto for First African State Visit

                    White House Welcomes Kenya William Ruto for First African State Visit

                    Sierra Leone Seeks Upstream Partners to Fast-Track Exploration, says Petroleum Directorate

                    Sierra Leone Seeks Upstream Partners to Fast-Track Exploration, says Petroleum Directorate

                    Ghana’s registra department: driving digitization for effecient services

                    Ghana’s registrar department: driving digitization for efficient services

                    Nigerian’s First Lady Aisha Buhari in Talks on Plans After Husband’s Presidency

                    Nigerian’s First Lady Aisha Buhari in Talks on Plans After Husband’s Presidency

                    Cedi expected to end 2020 with less than 5% depreciation to dollar Says Expert

                    Cedi expected to end 2020 with less than 5% depreciation to dollar Says Expert

                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

                    Trending Tags

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                      Ghana: Vice President Bawumia launches Credit Scoring System

                      Ghana: Vice President Bawumia launches Credit Scoring System

                      FAAN MD Olubunmi Oluwaseun Kuku has emerged as Public Sector Global CEO of the Week

                      FAAN MD Olubunmi Oluwaseun Kuku has emerged as Public Sector Global CEO of the Week

                      Sam Shivute, Commissioner General, Namibia Revenue Agency has Emerged as Public Sector Global CEO of the Week

                      Sam Shivute, Commissioner General, Namibia Revenue Agency has Emerged as Public Sector Global CEO of the Week

                      Ms. Hapiloe Sello, Chief Executive Officer, South African National Parks has Emerged as Public Sector Global CEO of the Week

                      Ms. Hapiloe Sello, Chief Executive Officer, South African National Parks has Emerged as Public Sector Global CEO of the Week

                      Dr. Douglas Letsholathebe, Minister of Education and Skills Development, Botswana has Emerged as Public Sector Global Minister of the Week

                      Dr. Douglas Letsholathebe, Minister of Education and Skills Development, Botswana has Emerged as Public Sector Global Minister of the Week

                      Bashir Adewale Adeniyi MFR, Comptroller General, Nigeria Customs Service has Emerged as Public Sector Global CEO of the Week

                      Bashir Adewale Adeniyi MFR, Comptroller General, Nigeria Customs Service has Emerged as Public Sector Global CEO of the Week

                      Ms. Latifa Mohamed Hamis, Director General, Tanzania Trade Development Authority, has Emerged as Public Sector Global CEO of the Week

                      Ms. Latifa Mohamed Hamis, Director General, Tanzania Trade Development Authority, has Emerged as Public Sector Global CEO of the Week

                      The Minister of Health, Morocco, Hon. Khalid Ait Taleb has Emerged as Public Sector Global Minister of the Week

                      The Minister of Health, Morocco, Hon. Khalid Ait Taleb has Emerged as Public Sector Global Minister of the Week

                      Esther Ngari Emerges Public Sector Global ‘CEO of the Week’

                      Esther Ngari Emerges Public Sector Global ‘CEO of the Week’

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                      AfCFTA Says Single Currency is Realisable for Trade amongst Africans

                      Public Sector Global by Public Sector Global
                      July 15, 2021
                      in Uncategorized
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                      AfCFTA Says Single Currency is Realisable for Trade amongst Africans
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                      The Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Mr. Wamkele Mene, has predicted that Africa would one day have a common currency that would ease constraints of settling intra-African trade in foreign denominated currency.

                      Mene likened the possibility of having a common currency to realisation of AfCFTA even though people never thought that there would ever be a free trade area in Africa.

                      He said: “But we now have it. And so I am confident that one day the African continent will have a single currency.

                      “Though there are a range of issues to be considered regarding macro-economic convergence. Thankfully, there are departments in the African Union (AU) to deal with the complexities about how we get to a single currency for the African continent. But certainly it is a positive step that will facilitate intra-African trade.”

                      He made this statement recently during a virtual, “Quarterly Press Briefing on AfCFTA Achievements, Status of Implementation, and the Next Steps Confirmation,” where he disclosed that negotiations on the Phase Two of AfCFTA on trade competition policy, intellectual property right, investment protection and promotion as well as digital trade, women and young people would soon commence and would be completed in the shortest possible time.

                      Mene said successful negotiation of the intellectual property rights would facilitate the establishment of vaccines producing factories in Africa, which is currently subject to negotiation at the World Trade Organisation (WTO).

                      He said: “It will take time to negotiate legal binding agreement for the manufacturing of vaccines in Africa. It is subject to negotiation at the WTO. We are hoping for positive outcome.

                      “We need to have a legal framework in Africa that is why the AfCFTA’s protocol on intellectual property right is so important. Because embedded in that protocol will be a provision that will enable countries to produce and manufacture vaccines not only for COVID-19 but all other pandemics to enable us address Africa’s public health imperatives.”

                      The secretary general also disclosed that negotiations on 86 per cent of tariff lines have been concluded under the Rule of Origin (RoO) but clarified that the 86 per cent is on the coverage of products and not the degree of value addition required.

                      “It is the number of traff lines. So, out of 100 per cent tariff lines, we have been able to agree on the RoO for 86 per cent tariff lines for the AfCFTA,” he said, adding that “we want to use the RoO to make sure that Africa industrialises. That is why we will be very deliberate, careful and thorough about these RoO because they are at the heart of Africa’s industrialisation.”

                      He also stated that the pilot stage of the Pan-African Payment and Settlement System (PAPSS) that would enable trading within the free trade area to be done in the local currencies of each member state started last month in six countries and would run for another two months.

                      Mene said: “We have 42 currencies in Africa. The cost of converting currencies amounts to $5 billion a year. This is very big amount of money that can be seen as revenue forgone. So we want to reduce and eliminate this cost to converting currencies in Africa for the purpose of trading.

                      “The PAPSS is a very important pillar for the implementation of the AfCFTA. We are grateful to Afreximbank for making liquidity available to operationalise the PAPSS.

                      “The pilot countries for PAPSS are Ghana, Nigeria Liberia and S/Leone. Local banks will be able to switch on to the platform once the platform is up and running throughout the continent. I hope the platform will be available for all African countries that want to switch on to it by the end of this year.

                      “This is one of the strongest signals so far that the AfCFTA can work, will work and will be effective.

                      “I believe that we will through the platforms be able to improve effectiveness of the SMEs.”

                      He also said a technically competent dispute settlement has been set up in the secretariat to support the implementation of the AfCFTA.

                      “This is something that we hope will contribute to more positive investment climate and give confidence to investors that indeed we have as AfCFTA state parties are subjecting ourselves to the rule of trade law that we have negotiated ourselves,” he added.

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                      Africa: Launch of PAPSSCARD Marks Major Leap Toward Financial Sovereignty and Intra-Continental Trade Integration

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