As Africa continues to struggle with cash-based economies, many countries have turned to digital currencies as a way to supplement their economies, including Ghana. The announcement by the country’s vice president last week have been met with mixed feelings, while new measures are being drawn up to support the growth of the industry.

Ghana’s Vice President Dr Mahamudu Bawumia has called on the continent to embrace digital currencies such as bitcoin, adding that the use of these digital currencies will make African nations less dependent on the volatile US dollar.

At a recent event in Accra, Ghana’s Vice President Dr. Mahamudu Bawumia declared that Africa should embrace digital currencies like Bitcoin, and that Ghana has been working to make cryptocurrency acceptance a reality. He’s right. Africa should embrace digital currencies, and Ghana, in particular, should embrace them.

Ghana’s vice president declares Africa should embrace digital currencies

 

Dr. Mahamudu Bawumia, Ghana’s vice president, thinks that African countries must embrace digital currencies in order to ease commerce throughout the continent.

Bawumia made his case at the Fifth Ghana International Trade and Finance Conference, which had the subject “Facilitating Trade and Trade-Finance in AfCFTA: The Role of the Financial Services Sector,” according to Ghanaweb. He claimed that commerce between African nations necessitates the establishment of a “one central payment” system. Moving products across African borders is currently expensive and time-consuming. Dr. Bawumia thinks that a digital payment system will solve these problems.

Is blockchain able to make a difference? Africa sees a lot of money in the future.

Dr. Bawumia said, “Digitization has also become one of the most important initiatives of the Nana Akufo-Addo administration.”

“When the COVID-19 epidemic struck, many economies were pushed into partial or complete lockdowns, reinforcing the need to pursue digitization.”

Ghana’s latest payment efforts, such as Mobile Money Interoperability, were also addressed by the Vice President. These services, according to Dr. Bawumia, have “shown that more people can be financially involved, and this has to be carried out throughout Africa to guarantee the AfCFTA vision’s growth.”

Tanzania’s president asks the central bank to prepare for cryptocurrency

The Bank of Ghana (BoG) announced earlier this year that it is working on a central bank digital currency (CBDC). Dr. Bawumia praised the bank’s intentions, believing that it would help the nation gain credibility in the digital realm.

African nations have been experimenting with cryptocurrency and other kinds of digital money for a long time. GIANT, Nigeria’s own CBDC, is scheduled to debut in October, despite the central bank’s prohibition on financial institutions cooperating with crypto exchanges. Tanzania, which outlawed cryptocurrencies in 2019, is planning to change course and enact crypto-friendly legislation after President Samia Suluhu Hassan expressed support for Bitcoin.

Ghana’s Vice President Dr. Mahamudu Bawumia announced plans to create a special cryptocurrency that would be backed by the country’s central bank. Speaking at the Blockchain and Cryptocurrency Africa Conference in Johannesburg, South Africa, Bawumia said Ghana was taking the lead in Africa in embracing blockchain technology and cryptocurrency.. Read more about gen z cryptocurrency and let us know what you think.

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