Ghana’s vice president states Africa must welcome digital currencies

Digital currencies are primed to transform trade in between African nations.

Ghana's vice president declares Africa should embrace digital currencies

Ghana’s vice presidentDr Mahamudu Bawumia thinks that African federal governments require to welcome digital currencies to assist in trade throughout the continent.

As reported by Ghanaweb Bawumia described his argument throughout the Fifth Ghana International Trade and Finance Conference, which boasted the style of “Facilitating Trade and Trade-Finance in AfCFTA; The Role of the Financial Services Sector.” He argued that trade in between African nations requires a “single central payment” system. Currently, moving items over African borders is expensive and lengthy. A digital payments system,Dr Bawumia thinks, would remedy these problems.

Related: Can blockchain make a distinction? Africa sees large financial capacity

“Digitization has also become one of the most consequential policies of the Nana Akufo-Addo government,” statedDr Bawumia.

“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.”

The Vice President likewise gone over Ghana’s current payment efforts, such asMobile Money Interoperability Dr. Bawumia keeps in mind these services have “shown that more people can be financially included, and this needs to be rolled out across Africa to ensure the growth of the AfCFTA vision.”

Related: Tanzanian president advises reserve bank to get ready for crypto

Earlier this year, The Bank of Ghana (BoG) exposed it has a reserve bank digital currency (CBDC) in advancement.Dr Bawumia kept in mind the bank’s intent and thinks it will bring the nation trustworthiness in the digital area.

African nations have actually long been checking out crypto and other kinds of digital currency. Nigeria is preparing its own CBDC called GIANT, set to release this October, even after its reserve bank prohibited banks from dealing with crypto exchanges. Tanzania, which prohibited cryptocurrencies back in 2019, has strategies to reverse its course and carry out crypto-positive policy after its President, Samia Suluhu Hassan, spoke positively of Bitcoin.

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