https://en.sputniknews.africa/20250318/africa-should-form-borrowers-club-to-share-experience-hold-lenders-accountable-think-tanks-ceo-1071148332.html
Africa Should Form 'Borrowers’ Club' to Share Experience, Hold Lenders Accountable: Think-Tank's CEO
Africa Should Form 'Borrowers’ Club' to Share Experience, Hold Lenders Accountable: Think-Tank's CEO
Sputnik Africa
While existing global financial institutions designed during the colonial era have seen significant "tweaks" to make these systems more relevant, they remain... 18.03.2025, Sputnik Africa
2025-03-18T18:06+0100
2025-03-18T18:06+0100
2025-03-20T12:23+0100
opinion
africa
bank
finance
economy
debt
debt relief
ghana
west africa
local currency
https://cdn1.img.sputniknews.africa/img/07e9/03/12/1071149182_0:0:1280:720_1920x0_80_0_0_3c8c54a7eabef4ae7408f507c8083c0a.jpg
African nations should unite in a "borrowers' club" to share experience and be able to hold major international lenders accountable, President and CEO of the African Center for Economic Transformation Mavis Owusu-Gyamfi told Sputnik Africa.Moreover, working together in a pan-African "borrowers' club" would allow nations to learn from each other in order to avoid mistakes when negotiating deals with lenders such as multilateral development banks, the speaker emphasized.Common Payment System Can Make Intra-African Trade Easier & More Cost-EffectiveAfrican nations have long discussed the possibility of creating a common currency, but "haven't made much progress" due to difficulties in aligning their "very different currencies," Owusu-Gyamfi pointed out.According to the economist, the Pan-African Payment and Settlement System (PAPSS) serves as an example to demonstrate the potential benefits of a common payment system, with six countries already experiencing its advantages.
https://en.sputniknews.africa/20250228/mineral-backed-currency-is-smart-way-to-empower-africa-to-use-its-wealth-algerian-economist-says-1070859311.html
africa
ghana
west africa
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2025
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
africa, bank, finance, economy, debt, debt relief, ghana, west africa, local currency, currency, alternative currency, reforms
africa, bank, finance, economy, debt, debt relief, ghana, west africa, local currency, currency, alternative currency, reforms
Africa Should Form 'Borrowers’ Club' to Share Experience, Hold Lenders Accountable: Think-Tank's CEO
18:06 18.03.2025 (Updated: 12:23 20.03.2025) Elizaveta Roschina
Writer/Editor
While existing global financial institutions designed during the colonial era have seen significant "tweaks" to make these systems more relevant, they remain ill-suited to modern Africa's needs, and primarily serve the interests of major investors, pushing the continent to rethink its strategy as a borrower, a pan-African think tank's CEO said.
African nations should unite in a "borrowers' club" to share experience and be able to hold major international lenders accountable, President and CEO of the African Center for Economic Transformation Mavis Owusu-Gyamfi told Sputnik Africa.
"We've also got to ask ourselves, as borrowers, what is our power? So maybe it's time for us to stop talking about a borrower's club and start coming together as a borrower's club in Africa. Come together as countries, share experiences, share lessons, and then use that platform to hold all our lenders to account," the CEO noted.
Moreover, working together in a pan-African "borrowers' club" would allow nations to learn from each other in order to avoid mistakes when negotiating
deals with lenders such as multilateral development banks, the speaker emphasized.
Common Payment System Can Make Intra-African Trade Easier & More Cost-Effective
African nations have long discussed the possibility of creating a common currency, but "haven't made much progress" due to difficulties in aligning their "very different currencies," Owusu-Gyamfi pointed out.
"If we have a common payment system, especially with all of our different currencies, it makes trading amongst ourselves a lot easier and a lot more cost-effective," she said, emphasizing that such an initiative has to be done intentionally, taking into account the potential challenges.
According to the economist, the Pan-African Payment and Settlement System (PAPSS) serves as
an example to demonstrate the potential benefits of a common payment system, with six countries already experiencing its advantages.
"Our center is based in Ghana. Ghana is one of the countries benefiting from the PAPSS, the payment system. Lots of businesses see the value of it, but it has to be something that benefits most, not just a few. And that's some of the analysis and research we need to do," she concluded.
