The ghanian vice president, Mahamudu Bawumia, has implored African government's to start exploring digital currencies as such alternatives have the potential to enhance intra-African trade. In addition, such digital currencies allow African countries to carry out all across border payments smoothly, the leader explained.
According to a report, Bawmia made these comments while addressing guests at the opening of the Ghana international trade and finance conference (GITFIC) in Accra. The report also quotes Bawumia commending the ghanian central banks e-cedi project. He added that government will give it the support of the pilot phase take off it's central bank digital currency. However, final approval of the CBDC will depend on the outcome of the pilot phase.
He said that this system can also act as an alternative to the current high cost and long corresponding banking relationships by facilitating trade and other economic activities across the continent of Africa through a single, low-cost and risk controlled payment clearing and settlement system.
Ghana, a forward thinking nation with visionary leaders. If the outcome of the e-cedi project is successful, it will become easy for them to appreciate bitcoin more and soon start plans of using it as a complementary currency for transactions.
