Barrister and Solicitor of the High Court of Sierra Leone, with over three years of valuable experience, Michael Saidu Dumbuya has returned home from Dar Es Salaam, Tanzania after attending the three-days (18th – 20th July, 2O24) African International Economic Law Network conference organized in collaboration with the Tanzanian Trade and Investment Coalition, Afronomics Law and the Society of International Economic Law.
Michael Saidu Dumbuya informed this medium in an exclusive interview that the title of the paper he presented at the conference of over 50 delegates from across the world was “The impact of the African Continental Free Trade Area (AfCFTA) Pan-African Payment and Settlement System in Harnessing Trade in Africa” revealing that the conference was well-attended by academics, scholars and professionals in the field of international economic law and that some of the notable attendees were Hon. Jumanne Sagini, the Deputy Minister of Constitutional and Legal Affairs.
He further disclosed, “I just answered the call of duty by taking the stage to make meaningful contributions to the advancement of International Economic Law in Africa. I was privileged to present my paper on the impact of the AfCFTA Pan-African Payment and Settlement System (PAPSS) in harnessing intra-African trade during the African International Economic Law Network Bridge Conference in collaboration with the Tanzania Trade and Investment Coalition, Afronomics Law. PAPSS remains one of the operational instruments of the AfCFTA and plays a significant role in promoting efficient cross-border transactions and minimizing the use of foreign currencies like USD, Pounds Sterling and euros in intra-African trade. However, I highlighted some potential challenges that may hinder its expected outcomes.
These challenges include limited awareness about the procedures of PAPSS, inflation in many African states, USD hegemony and the reluctance of businesses to trade in local currency, neo-colonialism, failure of AfCFTA member-states trading under the Guided Trade Initiative to subscribe to the PAPSS, among others.”
He further articulated that for an efficient and well-functioning PAPSS, he proposed the following recommendations:
1. Raising awareness and providing training for importers and exporters in using PAPSS:
2. Establishing a supranational institution and a single currency in Africa, which is one of the long-term goals of the AU:
3. Proposing currency swaps with larger economies such as China, India and Russia, which are Africa’s largest trading partners.
Michael Saidu Dumbuya went on to underscore that his participation in this year’s conference has left a lasting impression that has allowed him to network with renowned scholars and experts in the field of International Economic Law, enhanced his understanding of various aspects of implementing the African Continental Free Trade Area (AfCFTA) Agreement and its Protocols intimating that the conference was well-attended by esteemed scholars and dignitaries including Dr. Titilayo Adebola, President of AfIELN; Hon. Jumanne Abdallah Sagini, the Deputy Minister of Constitutional and Legal Affairs; Prof. James Thuo Gathii of Loyola University; and Prof. Suresh Nanwani, PhD of Durham University, who taught him International Financial Institutions Law during his LLM studies at the University of Pretoria in South Africa; Prof. Ohiocheoya Omiunu (PhD) from Kent University; Prof. Saudin J. Mwakaje from the University of Dar Es Salaam; Dr. Bridgette Baldwin, Esq., Dean of Western New England University; Dr. Luwam Dirar, to name but a few.
He extended profound gratitude to the AfIELN, TATIC and Afronomics for the opportunity to showcase his knowledge and expertise in their forum and looks forward to working and partnering with them in future events.
Mr. Michael Dumbuya’s areas of specialty are International Economic Law, Trade and Investment, Intellectual Property Law, Insurance and Risk Management among others while his academic qualifications are Master of Law (LL.M) in International Trade and Investment Law in Africa from the University of Pretoria in South Africa, Degree of Utter Barrister from the Sierra Leone Law School and Bachelor of Laws (LL.B Honors) from the University of Makeni.
Mr. Michael Dumbuya promised to use the knowledge gained to promote International Economic Law, Trade and Investment, Intellectual Property Law as well as Insurance and Risk Management in Sierra Leone not only with his colleagues but other stakeholders.
