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Dr. Bawumia Proposes Mobile Money Interoperability As Alternative To Common Africa Currency

Story Highlights
  • 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.”

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