President, African Export-Import Bank, Prof. Benedict Oramah, has advised African countries to reduce the use of US dollars in their transactions in order to enhance their development.
Professor Oramah said that entrepreneurs and countries should instead use the Pan African Payment Settlement System which the bank has already developed for intra-continental trade.
Oramah who decried the excessive reliance on foreign currency, especially US dollars, argued that this dependence heightens inflationary pressures on commodities, which in turn subjects African trade to global volatility.
The president also highlighted the potentials of the African Continental Free Trade Area (AfCFTA) to both Kaduna State Government and entrepreneurs in general.
Oramah, who was represented by Dr Hippolyte Fofack, the Chief Economist and Director, Research and International Corporation of the Bank, made a virtual presentation to the 6th edition Kaduna Investment and Economic Summit (KADINVEST).
The President of African Export-Import Bank disclosed that the bank will organize the Intra-African Trade Fair at Durban in South Africa, between Nov 15-21 2021, adding that ‘’this will afford investors, entrepreneurs and others the opportunity to network and to also enhance trade across the region.’’
Professor Oramah who was one of the keynote speakers at KADIVEST 6.0, also listed lack of infrastructure across the continent as one of the challenges of African countries.
He pointed out the need for countries in the ECOWAS sub-region to invest strongly in infrastructure to meet the global average, so as to develop like Eastern and Southern African countries.