Adopt ECO to boost Intra-African trade — Access Bank MD

The Managing Director of Access Bank, Mrs Pearl Nkrumah, has emphasised the urgent need for the adoption of a single African currency, the ECO, to facilitate seamless trade and payments across the continent.

According to Mrs Nkrumah, although the Pan-African Payment and Settlement System (PAPSS) introduced under the African Continental Free Trade Area (AfCFTA) was easing cross-border payments, transactions were still settled in dollars, a situation she described as a major setback.

Mrs Nkrumah made the call during a panel discussion at the Africa Prosperity Dialogues currently underway in Accra. The three-day forum is themed: “Empowering SMEs, Women and Youth in Africa’s Single Market through Innovation, Collaboration and Trade.”

The event, organised by the Africa Prosperity Network in partnership with the Government of Ghana, the AfCFTA Secretariat, the African Union Development Agency, and the African Development Bank, has brought together African leaders, policymakers, development partners, financial institutions, private sector actors, and young entrepreneurs to chart a practical path towards inclusive growth under AfCFTA.

Speaking on the topic “From Boardroom to the Borders,” Mrs Nkrumah said that while PAPSS was designed to enable Africans to trade and pay among themselves, reliance on the dollar for settlement defeated its original purpose.

“For me, the fact that after everything I still need to settle in the US dollar is where the real problem lies. If I pay in Ghana cedis, I should be able to receive it in South African rand without having to source dollars for settlement,” she explained.

Mrs Nkrumah, who is also Chairperson of the Ghana Stock Exchange, noted that although payment platforms exist, settlement remained the biggest challenge, stressing that adopting a single African currency like the ECO would significantly enhance trade and payment fluidity across the continent.

She cited Access Bank’s “Access Africa” platform, which allows customers across the bank’s operations in 14 African countries to transfer money seamlessly using local currencies.

“If you walk into any of our branches and deposit Cedis, the recipient can receive Naira, Kwacha, or Francs in another African country. However, behind the scenes, we still have to look for dollars to settle the transaction,” she said.

Mrs Nkrumah urged African governments, regulators, and institutions to move beyond dialogue and commit to making a single currency a reality.

Touching on financing for women, youth, and small and medium-scale enterprises (SMEs), she said that AfCFTA protocols, if fully implemented, would help address challenges related to cross-border trade, payments, and market access.

“As banks and financial institutions, working with central banks and regulators, we must create products, governance structures, and marketplaces that allow trade and financing to happen seamlessly,” she added.

Mrs Nkrumah also called on the private sector and individuals to continue engaging policymakers and holding institutions accountable to ensure AfCFTA delivers its full benefits to Africans.

BY KINGSLEY ASARE

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