Ghana vice president calls on Africa to champion cryptocurrency

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TL;DR Breakdown

  • Ghana vice president calls on Africa to champion cryptocurrency
  • Says digitization preserved the economy during COVID-19 pandemic

In another incredible development for the cryptocurrency industry, especially the African area, Ghana Vice President Dr. Mahamudu Bawumia has voiced support for the blockchain initiative calling for the continent to champion digital currency.

Dr. Bawumia made this call at the just concluded Fifth Ghana International Trade and Finance Conference in the country’s capital Accra. He noted that digital currency has the potential to boost trade and strengthen the continent’s economies if embraced.

According to the Ghana Vice President, if African governments embrace cryptocurrencies, it will boost the country’s trade and enhance other constructive areas of their economies. He also argued that if the countries in the continent embrace digital currency, it will also increase financial activities, stability, and growth.

Dr. Bawumia also explained that for trade between African countries to thrive, a single central payment system must be developed, noting that cryptocurrency can facilitate such endeavor. He said that if utilize digital currency will reduce costs and save time.

The Ghanaian vice president also revealed that the present President Nana Akufo-Addo administration was focused on digitization and was working on a major shift towards digital elements.

Digitization preserved the economy during COVID-19 pandemic – Ghana Vice President

Ghana vice president, who is commonly described as the champion of digitization with equity, also opinionated that digitization was a major instrument that preserved and helped economies to revive again after the COVID-19 pandemic.

Dr. Bawumia, who is currently spearheading Ghana’s digitization drive, emphasized that for African country’s economies to regain progress they must embrace digital currency, which would drive the growth of the continent’s trade sector and economy.

Additionally, Ghana’s vice president also reiterated his support for the Bank of Ghana (BoG) move to establish a central bank digital currency (CBDC). He said that the country’s central bank move would bring the Ghana credibility in the digital space and make it a leader in the space.

Also, other African countries continue to declare interest in launching a state-owned digital currency and are currently exploring various forms of digital currency. The central bank of Nigeria recently announced the pilot phase of its digital currency test.

Similarly, the President of Tanzania, Samia Suluhu Hassan, has noted that the nation’s need to tilt more towards cryptocurrency, describing it as the future. She reminded that the East African region, where the country is located, is not as advanced as other areas and urged the financial chiefs to start working to unveiling a state-owned digital currency.

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