Dr. Bawumia Proposes Mobile Money Interoperability As Alternative To Common Africa Currency
- Bawumia believes this system would boost trade
- It will address trade barriers
- It requires political will
Vice President and Flagbearer of the New Patriotic Party, Dr. Mahamudu Bawumia, has proposed the adoption of mobile money as a common payment system across Africa to address trade barriers and financial challenges.
Speaking at an Interoperability Symposium in Accra, Dr. Bawumia highlighted the challenges associated with inter-African trade, including low trade rates, difficult payment systems, and foreign exchange pressures.
He suggested a mobile money interoperability payment system, citing Ghana’s successful implementation as a model for Africa to follow.
Dr. Bawumia believes this system would boost trade and virtually create a common currency for Africa without requiring all economic criteria to be met. He emphasized the need for political will to bring stakeholders together and make this vision a reality.
In his Facebook post, Dr. Bawumia wrote: “I spoke at the Africa Prosperity Network Conference, exploring partnerships for intra-Africa mobile money interoperability.
Ghana’s successful implementation can serve as a model for Africa. Continental mobile money interoperability can achieve the objectives of a common currency without requiring all economic criteria to be met.
It requires political will and can be achieved incrementally, starting with a few countries like Ghana, Nigeria, and Côte d’Ivoire.”
