The role of Angola in the implementation of the Pan-African system of payments and settlements dominated, last week, a meeting between Angolan Foreign Minister, Téte António, and the secretary-general of the African Continental Free Trade Zone, Wamkele Mene.
Speaking to the press, Minister Téte António said that Angola was one of the first countries to join the African Continental Free Trade Zone.
Regarding the implementation of the payment and settlement system, whose pilot experience is being carried out in West African countries, he said that it aimed to facilitate cross-border transactions.
According to the government official, one of the advantages is related to the possibility of payments being made in the national currency of each country, thus avoiding the need to resort to third parties to acquire foreign currency.
Meanwhile, the secretary-general of the African Continental Free Trade Zone, Wamkele Mene, considered that the main problem faced by the continent is related to cross-border transactions, because they bring high costs to several countries.
The Pan-African system of payments and settlements will facilitate cross-border transactions between officials and economic operators, allowing the continent to save large sums of money that can be used to improve the living conditions of citizens, he said.
The African Continental Free Trade Area is a free trade area founded in 2018, and came into effect from 1 January 2021.