Ghana vice president, Dr. Mahamudu Bavumiya, believes that the adoption of cryptocurrencies will benefit the trading industry in Africa. He believes that digitization will aid in reviving the economies after the devastating COVID-19 outbreak.
The Vice President of Ghana suggested that African governments adopt virtual currencies to increase trade and strengthen other sectors of their economies. They would also raise financial activity, promote growth, and establish macroeconomic stability.
He reminded that African countries struggle to exchange goods due to slow, expensive, and inefficient processes.
Realated: Ghana Bank Issue CBDC Soon
He also reminded that African countries struggle to exchange goods due to slow, expensive, and inefficient processes. This is where the Single Central Payment platform would make a difference and establish a financial network supporting the continent.
Ghana vice president claims that digitalization was a key component that saved the country from the COVID-19 epidemic and that the current president has made it a priority.
Digitisation has also become one of the most consistent policies of the Nana Akufo-Addo government. When the scourge of the COVID-19 pandemic struck and forced many economies to partially and completely close, it reinforced the need for digitalisation.
Recently Tanzania’s President Samia Suluhu Hassan also emphasized the necessity for the country to adopt cryptocurrency. It reminded the nation that East African regions are not as advanced as other areas and called for CFO to work on the issue.