Ghana'south 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 Briefing, 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" organization. Currently, moving goods over African borders is plush and time-consuming. A digital payments system, Dr. Bawumia believes, would rectify these issues.

Related: Tin blockchain make a difference? Africa sees vast monetary potential

"Digitization has also become ane 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 fractional and full lockdowns, it reinforced the need to pursue digitization."

The Vice President too discussed Ghana'due south recent payment initiatives, such every bit Mobile Money Interoperability. Dr. Bawumia notes these services have "shown that more people tin can be financially included, and this needs to be rolled out across Africa to ensure the growth of the AfCFTA vision."

Related: Tanzanian president urges central banking company to set up for crypto

Earlier this year, The Bank of Ghana (BoG) revealed it has a central banking company digital currency (CBDC) in evolution. Dr. Bawumia noted the bank's intent and believes it volition bring the country credibility in the digital space.

African countries have long been exploring crypto and other forms of digital currency. Nigeria is planning its own CBDC called GIANT, set to launch this October, fifty-fifty later its primal banking concern banned financial institutions from working with crypto exchanges. Tanzania, which banned cryptocurrencies dorsum in 2019, has plans to reverse its course and implement crypto-positive regulation after its President, Samia Suluhu Hassan, spoke favorably of Bitcoin.