Dr. Mahmudu Bawumia, Vice President of Ghana, believes that African governments need to adopt digital currencies to promote trade across the African continent.
As Ghana Net Report Bawumia outlined his arguments at the Fifth Ghana International Trade and Finance Conference, the theme of which was “Promoting AfCFTA’s trade and trade finance; the role of the financial services sector.” He believes that trade needs between African countries” Single central payment” system. Currently, transporting goods across the African border is expensive and time-consuming. Dr. Bawumia believes that digital payment systems can solve these problems.
“Digitalization has also become one of the most important policies of the Nana Akufo-Addo government,” said Dr. Bawumia.
“When the scourge of the COVID-19 pandemic strikes and forces many economies to be partially or completely locked down, it strengthens the need to pursue digitalization.”
The Vice President also discussed Ghana’s recent payment initiatives, such as mobile currency interoperability. Dr. Bawumia pointed out that these services “show that more people can be included in the financial sphere, which needs to be promoted throughout Africa to ensure the development of the AfCFTA vision.”
Earlier this year, the Bank of Ghana (BoG) disclose It is developing a central bank digital currency (CBDC). Dr. Bawumia noted the bank’s intentions and believed that it would bring credibility to the country in the digital realm.
African countries have long been exploring cryptocurrencies and other forms of digital currencies.Nigeria is Plan your own CBDC Named GIANT, it will be launched in October this year, even after its central bank Banned financial institutions Cooperation with cryptocurrency exchanges.Tanzania plans to ban cryptocurrencies as early as 2019 Reverse its progress And after its president Samia Suluhu Hassan praised Bitcoin, it implemented active crypto regulation.