John Dramani Mahama has renewed calls for the swift implementation of a continent-wide payment and settlement platform, warning that Africa’s economic integration will remain stalled as long as intra-African trade depends on third-party currencies.
Speaking at the “Accra Reset’s Addis Reckoning” forum on the sidelines of the 39th Assembly of the African Union in Addis Ababa on Sunday, February 15, President Mahama stressed that currency conversion requirements continue to act as a structural barrier to trade among African nations.
Referencing concerns raised by Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA), Mr. Mahama questioned why a small business owner in Accra must first convert Ghanaian cedis into a foreign currency before making payment to a counterpart in Kenya.
“The Pan-African payment and settlement system is a thing whose time has come — and with urgency. I should be able to ship my goods to Kenya and get paid in cedis rather than a foreign currency,” he stated.
The President argued that reliance on external currencies entrenches financial dependency and undermines the spirit of continental self-sufficiency. He linked payment reforms to the broader “Accra Reset” agenda, an initiative aimed at dismantling structural imbalances embedded in Africa’s financial and economic architecture.
He urged African leaders to move beyond declarations and policy frameworks to decisive implementation.
“We take time. And we behave like time is waiting for us,” he cautioned. “From Addis, we must stop talking and start implementing.”
President Mahama maintained that accelerating Africa’s integration would not only benefit the continent but also strengthen global economic stability, reiterating that Africa’s prosperity contributes to global prosperity.
