The Vice President of Ghana, Dr. Mahamudu Bawumia, has proposed that mobile money (MoMo) could serve as a common currency for Africa, addressing challenges associated with intra-African trade.

He was speaking on Friday at the Africa Prosperity Network (APN) Interoperability Symposium in Accra.

Addressing trade barriers

Dr. Bawumia highlighted the persistent low levels of intra-African trade, which has averaged 13 percent for intra-African imports and 20 percent for intra-African exports over the past seven years.

While the share of intra-African exports has seen a slight increase from 18.2% in 2013 to 19.6% in 2020, the total value of these exports has declined. He noted that current settlement processes, which often involve foreign exchange, place pressure on African currencies.

Need for efficient payment systems

“Trade payments and relationships are currently hampered by inadequate settlement systems, which result in high costs, limited access, slow processing speeds, and a lack of transparency,” Dr. Bawumia said. He emphasized the importance of developing efficient domestic payment systems, such as real-time gross settlement systems and national switches, while also focusing on cross-border interoperability.

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Ghana, Accra, Mankessim. Ishmael Awudi is a journalist and a media entrepreneur. He founded Ghana News Guide. GNG is an online news platform that focuses on news stories within Ghana and across the world on a regular basis. The primary objective of GNG is to ensure that news stories are reported as they are, with no filters applied. In its news coverage, GNG strives for professionalism.He also founded Wetour, a local tourism agency aimed at boosting the tourism space in Ghana with the youth at focus.Ishmael works with The Afriam Network as the head of business development. Afriam Network is a global company based in Ghana, Accra that offers a variety of services such as Customer Service, Debt Collection, Order Taking, Lead Generation, Customer Surveys, and Telesales. Ishmael holds a bachelor's degree from the Ghana Institute of Journalism. He won the best online media personality award in 2019 at level 300.He has contributed to several media houses in Ghana including.

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