WASHINGTON: Ghana's Finance Minister, Dr. Mohammed Amin Adam, has urged the World Bank to provide financial guarantees to attract investment for enhancing Africa's digital payment infrastructure. The initiative aims to support the Pan African Payment and Settlement System (PAPSS) in facilitating the African Continental Free Trade Area (AfCFTA) agreement. According to Ghana News Agency, Dr. Amin Adam made these remarks during the African Caucus meeting with World Bank Group President Ajay Banga at the 2024 Annual Meetings of the International Monetary Fund and World Bank Group. He emphasized the strategic use of guarantees and financing mechanisms to mitigate investment risks, thereby bolstering existing payment systems and enabling cost-effective cross-border transactions and data analytics. The Finance Minister advocated for African governments to expand investments in quality Information and Communication Technology infrastructure, including blockchain and Artificial Intelligence. He pointed out that such advancements, coupled with digital literacy and financial platforms, would ensure universal access to financial services across Africa and boost intra-African trade. Dr. Amin Adam highlighted PAPSS as a crucial component for achieving intra-African trade goals, which could drive economic growth, job creation, and poverty reduction. He stressed the importance of financial inclusion and harmonized trade routes for inclusive AfCFTA implementation. In addition, the minister called for technical support to strengthen security protocols and cybersecurity measures to combat fraud and money laundering, enhancing institutional capacities throughout the continent. This, he noted, would ensure a resilient payment system benefiting businesses and individuals globally. Dr. Amin Adam also urged the World Bank to collaborate with African regional financial intermediaries to identify gaps in the continent's payment systems and develop a roadmap for integration. He reaffirmed Ghana's commitment to addressing the challenges associated with the program through cooperation with the IMF and the World Bank.