We Need a Single African Currency to Enable Seamless Trade – Access Bank MD
By Praisebell Rosemond Larbi
The Managing Director of Access Bank Ghana and Chairperson of the Ghana Stock Exchange, Pearl Nkrumah, has renewed calls for deeper monetary and payment integration in Africa, arguing that the continent ultimately needs a single African currency to unlock seamless trade, investment flows, and inclusive growth under the African Continental Free Trade Area (AfCFTA).
Speaking at the 2026 Africa Prosperity Dialogues at the Accra International Conference Centre (AICC) on Wednesday, Mrs Nkrumah stressed that while access to finance is often highlighted as the main constraint to African trade, the absence of efficient payment systems and harmonised regulatory frameworks remains an equally powerful barrier.
“For me, most importantly, is how do we enable that platform to make it smooth and fluid for a woman to be able to find partners in other regions and fund their product,” she said, pointing to the daily realities faced by small businesses and traders operating across African borders.
Payments as the Missing Link in African Trade
Mrs Nkrumah noted that Africa’s trade ambitions cannot be fully realised if businesses continue to face high transaction costs, currency conversion losses, and lengthy settlement periods when trading within the continent. She observed that despite AfCFTA’s promise of a single market, African traders still operate in a fragmented monetary environment, where cross-border transactions often require routing payments through foreign banks and hard currencies.
According to her, this system places African businesses at a disadvantage, particularly small and medium-sized enterprises (SMEs), women-led enterprises, and informal traders who lack the scale to absorb high transaction fees.
“A trader can have access to financing, but if she cannot move money easily, safely, and affordably across borders, then that capital does not translate into real trade,” she said.
Case for a Single African Currency
Mrs Nkrumah argued that a single African currency, supported by strong continental institutions, would significantly reduce transaction costs, eliminate exchange rate risks, and improve price transparency across markets. While acknowledging that such a goal would take time, she said Africa must begin laying the institutional, regulatory, and technological foundations now.
She explained that regional payment initiatives, such as the Pan-African Payment and Settlement System (PAPSS), represent important steps toward monetary integration, but ultimately fall short of the efficiency gains that a unified currency could deliver.
“A single currency is not just a monetary project. It is a trade, investment, and development project,” she said.
Inclusion at the Centre of Integration
Mrs Nkrumah emphasised that Africa’s integration agenda must be people-centred. She warned that without deliberate action, women traders, youth-led enterprises, and informal businesses risk being left behind, even as continental trade expands.
She urged policymakers to focus on practical solutions that reduce friction for everyday traders, including simplified cross-border payments, digital identity systems, and access to affordable trade finance.
A Call for Bold Leadership
Concluding her remarks, Mrs Nkrumah said Africa must move beyond ambition to execution, noting that bold leadership will be required to drive the difficult reforms needed for monetary and financial integration.
“AfCFTA gives us the framework, but payments, platforms, and trust will determine whether it succeeds. If Africa truly wants seamless trade, then we must be prepared to think seriously about a single African currency,” she said.
Her comments add to growing calls from business leaders and policymakers for Africa to complement trade liberalisation with deep reforms in payment systems, financial infrastructure, and monetary cooperation to fully unlock the continent’s economic potential.
