Ghana's vice president Dr. Mahamudu Bawumia believes that African governments need to embrace digital currencies to facilitate trade throughout the continent.

As reported by Ghanaweb Bawumia outlined his argument during the Fifth Republic of ghana International Trade and Finance Conference, which boasted the theme of "Facilitating Trade and Trade-Finance in AfCFTA; The Function of the Financial Services Sector." He argued that trade between African countries demands a "single central payment" organisation. Currently, moving appurtenances over African borders is costly and time-consuming. A digital payments system, Dr. Bawumia believes, would rectify these bug.

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"Digitization has also go 1 of the most consequential policies of the Nana Akufo-Addo government," said Dr. Bawumia.

"When the scourge of the COVID-19 pandemic hit and forced many economies into partial and full lockdowns, it reinforced the need to pursue digitization."

The Vice President also discussed Republic of ghana'due south recent payment initiatives, such as Mobile Money Interoperability. Dr. Bawumia notes these services accept "shown that more than people can be financially included, and this needs to be rolled out across Africa to ensure the growth of the AfCFTA vision."

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Earlier this year, The Bank of Ghana (BoG) revealed it has a central banking concern digital currency (CBDC) in development. Dr. Bawumia noted the bank'southward intent and believes it will bring the country brownie in the digital infinite.

African countries have long been exploring crypto and other forms of digital currency. Nigeria is planning its own CBDC called Behemothic, fix to launch this Oct, even after its key bank banned fiscal institutions from working with crypto exchanges. Tanzania, which banned cryptocurrencies back in 2022, has plans to reverse its course and implement crypto-positive regulation after its President, Samia Suluhu Hassan, spoke favorably of Bitcoin.