President William Ruto has challenged African leaders to take the first steps toward abandoning the globally-strong US dollar by joining a pan-African payments system to facilitate intra-Africa commerce.
Dr. Ruto has urged his African counterparts to mobilize central and commercial banks to participate in the Pan-African Payments and Settlement System (PAPSS), which was implemented in January 2022. The African Export-Import Bank (Afreximbank) and the African Continental Free trading Area (AfCFTA) Secretariat created the intra-African trading system.
The African Union and African central banks supported the plan. As a result, prices for essential inputs such as fuel and raw materials for companies in a net import economy have risen. Kenya experienced a severe fuel scarcity, which was mostly caused by oil marketers linked to delays in releasing cash for fuel subsidy creating cash flow challenges, while the government accused the firms of hoarding the commodity.