The high cost of making cross border payments on the African continent has driven governments on the continent to seek options of settling trade and other transactions in local currencies. This has given birth to the Pan-African Payment and Settlement System which is scheduled to go live in 2024 under Kenya’s leadership. Development economist Christopher Adam, who has studied the exchange rate policies of African countries, answers some key questions.
The high cost of making cross border payments on the African continent has driven governments on the continent to seek options of settling trade and other transactions in local currencies . This has given birth to the Pan-African Payment and Settlement System which is scheduled to go live in 2024 under Kenya’s leadership. Development economist Christopher Adam, who has studied the exchange rate policies of African countries, answers some key questions.
Why are African countries exposed in the international currency market? Three main reasons. First, African economies are small and as such are highly dependent on trade with the rest of the world. Their exports are dominated by primary commodities including oil and gas, minerals and cash crop agriculture. On the import side, they purchase a whole range of goods – from essential commodities not produced at home such as food, drugs and medicines, to capital goods and energy. A large proportion of these are sourced from China and other major economies of the global nort
Pan-African Payment And Settlement System Cross Border Payments African Countries Local Currencies Trade Transactions International Currency Market Exports Imports China Global North
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