ACCRA, Jan. 21 (Xinhua) -- The recently-launched Pan-African Payments and Settlements System (PAPSS) under the African Continental Free Trade Area (AfCFTA) presents opportunities for Chinese businesses to expand investment on the continent, said a Ghanaian expert Friday.
John Gatsi, dean of the School of Business at the University of Cape Coast, told Xinhua that as African countries adopt the PAPSS, Chinese investors will find it more convenient to trade their goods within the continent.
The PAPSS is about developing a currency zone to support inter-African trade by making payments and transactions more efficient.
"Already, Chinese investors have a large trade presence within the African continent. We will not be surprised to see that the goods produced by Chinese companies will move faster from one African country to another through the system," Gatsi said.
He believed the launch of PAPSS will potentially attract more Chinese investors to scale up their business in the continent.
"In terms of the context of the AfCFTA, the African continent continues to be an open system for other players to play. As cross-border payment will be significantly facilitated, there is no doubt that Chinese investors will continue to benefit from the continental trade area," he added.
The AfCFTA, African Export-Import Bank, and other partners on Jan. 13 officially launched the PAPSS, which is expected to boost intra-African trade significantly by making cross-border payments less reliant on third currencies. ■