African Finance Ministers Meet on New Payment System for AfCFTA

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By Obi Vincent

The African Union has slated its Technical Committee meeting on finance, monetary and economic planning for 1 to 3 December to discuss the planned launch of the African Continental Free Trade Area (AfCFTA).

The AU Commission (AUC) said Tuesday that the Specialised Committee on Finance, Monetary Affairs, Economic Planning and Integration will convene to discuss a payment system for the AfCFTA.

The Development of a Continental Payment System to facilitate effective implementation of the AfCFTA will feature during the meeting, the AUC said.

The meeting, to be convened under the theme, “Securing Africa’s Taxing Rights, Stemming Illicit Financial Flows and developing payment system for AfCFTA”, will play a relevant role in driving the realization of Africa’s Agenda 2063, the AUC said.

In particular, the meeting will play a major role in helping to achieve “Aspiration 1,” which seeks a prosperous Africa-based on inclusive growth and sustainable development.

The meeting will address the global tax debate regarding the tax challenges arising from the digital economy and how this affects Africa.

Stemming Illicit Financial Flows (IFFs) on the continent will also feature during the meeting.


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