Afreximbank’s Payment Settlement System to be Discussed by CARICOM

Guyana President Ifran Ali

Leaders of CARICOM countries, such as Prime Minister Gaston Browne, have raised concerns about Afreximbank’s payment settlement system, citing excessive bureaucracy and high interest rates for obtaining loans

Prime Minister Browne and some other CARICOM heads, including Dominica’s Roosevelt Skerrit, were absent from the 31st Afreximbank’s Annual meeting in Nassau last week.

CARICOM Chairman, Guyana’s President, Dr. Irfaan Ali, stated that every CARICOM country has expressed reservations about the payment settlement system, and the issue will be addressed.

He mentioned that CARICOM finance ministers and central bank governors will convene next week to deliberate on using Afreximbank’s Pan-African Payment and Settlement System (PAPSS) for regional trade payments.

This discussion will take place before the annual heads of government meeting in Grenada in July.

President Ali also highlighted the significant developments since Afreximbank expanded its operations to the CARICOM region.

He emphasized the increase in business opportunities in the region, with over 50 African delegations exploring potential ventures in CARICOM countries.

Additionally, eleven CARICOM countries have become members of Afreximbank, and the Association of CARICOM Central Banks has selected the payment system as their preferred payment infrastructure for a pilot project ahead of the 2023 meetings.