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Ghana Vice President Calls on African Nations to Embrace Digital Currency.

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The vice president of Ghana, Dr Mahamudu Bawumia has called on African Nations yet to embrace digital currency to adopt the emerging technology to meet up with dynamism of the present age in financial ecosystem. He made this known during the fifth Ghana International Trade and Finance conference in the capital Accra.

The vice president said that adoption of digital currency among all African nations will boost intra African trade and strengthen other profitable sectors of the economies. This he retriated will increase financial activities, bring stability to macro and micro economic activities .

He enumerated the challenges of the present fiat ecosystem to include, high cost of transaction of goods among African nation which is usually slow and inefficient. The vice president said that “single central payment platform” would ameliorate the challenges and create stable financial network for the continent.

Dr Bawumia acknowledged the role digitalization played at the peak of the Covid pandemic in saving the economy assuring that the administration is poised to explore all digitization avenues especially digital currency.

“Digitisation 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.”

He said that Ghana will work side by side with Central Bank Digital Currencies in the continent through Ghana’s Interbank Payments and Settlement System ( GHIPSS) to synchronize payments.

“I am hopeful that the rollout of the Pan – African system will synchronize successfully with the payment systems architecture developed by Central Banks across Africa and bring about a reduction in cost, time variability, and decreased liquidity requirements of commercial banks and central banks settlements.”

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