The Ghanaian Government is ready to provide legal and credibility support to the country’s Central Bank Digital Currency scheduled to pilot later in 2021, according to Ghana’s Vice President.
The Vice President of Ghana, Dr Mahamudu Bahumia, was speaking at the opening ceremony of the Fifth Ghana International Trade and Finance Conference (GITFiC) in Accra, Ghana.
Bahumia also urged African governments to embrace digital currencies to facilitate trade and increase economic growth.
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With cross-border trade being a sticking point across the continent, Mr. Bawumia lauded the Pan African Payment and Settlement System (PAPSS) – a central payment and collection infrastructure that is being rolled out by AfCFTA – and whose objective is to allow businesses on the continent to clear and settle transactions in their local currencies without depending on third-party currencies.
He also indicated that the system is introducing a single, low-cost, and risk-controlled payment clearing and settlement system that would be an alternative to the current high-cost and long correspondent banking relationships.
The Vice President highlighted the government’s commitment to digitization, noting that “it has become one of the most consequential policies of the Nana Akufo-Addo government.”
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RECOMMENDED READING: [WATCH] Bank of Ghana Reportedly Beginning Digital Cedi Sandbox Pilot in September 2021
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