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Ghana's Vice Says African Countries Should Welcome Digital Currencies

coinquora.com 29 July 2021 11:23, UTC
Reading time: ~2 m

  • Ghana’s vice president said Africa should welcome digital currencies.
  • Many African countries are making moves toward digital currencies.

Ghana’s vice president Dr. Mahamudu Bawumia said African countries should welcome digital currencies.

According to Ghana’s vice president, African countries need to embrace digital currencies to facilitate trade everywhere on the continent.

As per a local report, he expressed himself during the Fifth Ghana International Trade and Finance Conference. During the conference, Ghana officials debated the theme “Facilitating Trade and Trade-Finance in AfCFTA; The Role of the Financial Services Sector.”

Dr. Bawumia said that trade between African countries needs a “single central payment” system. He stated that moving assets over African borders is costly and time-consuming. So, a unique digital payments system would fix these issues.

Dr. Bawumia said,

Digitization has also become one of the most consequential policies of the Nana Akufo-Addo government. When the scourge of the COVID-19 pandemic hit and forced many economies into partial and total lockdowns, it reinforced the need to pursue digitization.

Moreover, the Vice President also mentioned Ghana’s new payment actions. This includes Mobile Money Interoperability(MMI). “These services have shown that people can be financially included, and this needs to be rolled out across Africa to ensure the growth of the AfCFTA vision,” Bawumia said.

As more countries adopt Bitcoin and other cryptos into their nations, Africa won’t be left behind. In particular, the President of Tanzania, Samia Suluhu Hassan, supports the country’s central bank to indulge in cryptos.

Recently, the Vice President of Nigeria Yemi Osinbajo called out the Central Bank of Nigeria. In his talk at the Bankers Committee conference, he said that regulators in the country must weigh embracing disruptive tech.

Also, Nigeria plans its own CBDC called GIANT. According to Nigeria, it launches GIANT in October.

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