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Ghana’s vice chairman declares Africa ought to embrace digital currencies

07/29/2021

Digital currencies are primed to reinvent commerce between African international locations.

Ghana’s vice chairman Dr. Mahamudu Bawumia believes that African governments must embrace digital currencies to facilitate commerce all through the continent.

As reported by Ghanaweb Bawumia outlined his argument in the course of the Fifth Ghana Worldwide Commerce and Finance Convention, which boasted the theme of “Facilitating Commerce and Commerce-Finance in AfCFTA; The Position of the Monetary Companies Sector.” He argued that commerce between African international locations calls for a “single central cost” system. Presently, shifting items over African borders is expensive and time-consuming. A digital funds system, Dr. Bawumia believes, would rectify these points.

Associated: Can blockchain make a distinction? Africa sees huge financial potential

“Digitization has additionally turn out to be one of the crucial consequential insurance policies of the Nana Akufo-Addo authorities,” mentioned Dr. Bawumia.

“When the scourge of the COVID-19 pandemic hit and compelled many economies into partial and whole lockdowns, it bolstered the necessity to pursue digitization.”

The Vice President additionally mentioned Ghana’s current cost initiatives, resembling Cell Cash Interoperability. Dr. Bawumia notes these providers have “proven that extra folks will be financially included, and this must be rolled out throughout Africa to make sure the expansion of the AfCFTA imaginative and prescient.”

Associated: Tanzanian president urges central financial institution to arrange for crypto

Earlier this yr, The Financial institution of Ghana (BoG) revealed it has a central financial institution digital forex (CBDC) in growth. Dr. Bawumia famous the financial institution’s intent and believes it can deliver the nation credibility within the digital house.

African international locations have lengthy been exploring crypto and different types of digital forex. Nigeria is planning its personal CBDC known as GIANT, set to launch this October, even after its central financial institution banned monetary establishments from working with crypto exchanges. Tanzania, which banned cryptocurrencies again in 2019, has plans to reverse its course and implement crypto-positive regulation after its President, Samia Suluhu Hassan, spoke favorably of Bitcoin.