{"id":197134,"date":"2024-07-06T12:24:59","date_gmt":"2024-07-06T12:24:59","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/07\/06\/drop-common-currency-idea-and-pursue-mobile-money-interoperability-dr-bawumia-to-african-countries\/"},"modified":"2024-07-06T12:24:59","modified_gmt":"2024-07-06T12:24:59","slug":"drop-common-currency-idea-and-pursue-mobile-money-interoperability-dr-bawumia-to-african-countries","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/07\/06\/drop-common-currency-idea-and-pursue-mobile-money-interoperability-dr-bawumia-to-african-countries\/","title":{"rendered":"Drop common currency idea and pursue mobile money interoperability \u2013 Dr Bawumia to African countries \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Dr. Mahamudu Bawumia, the Vice President of Ghana, has called for a shift in policy direction by African Central Banks from the creation of a common currency to mobile money interoperability.<\/p>\n<p>In a speech delivered on the opening day of the APN Continental Mobile Interoperability Symposium in Accra on Friday, July 5, 2024, Dr. Bawumia urged African countries to now focus on creating the digital infrastructure necessary for mobile money interoperability to thrive.<\/p>\n<p>Dr. Bawumia asserted that although the idea of a common currency is commendable, the advent of technology has rendered it obsolete, and that African central banks should now embrace the digitalization drive and work to improve mobile money interoperability.<\/p>\n<p>\u201cThe idea of a common currency, which originated in 1963, has really been overtaken by the digital payment age. Today, you can think about mobile money as a common currency. If we make it interoperable, we don\u2019t need to have a common currency before we get the benefits.\u201d<\/p>\n<p>\u201cMaking mobile money interoperable allows our citizens across the continent to trade seamlessly, and so this is where I believe African countries need to focus. One of the common problems in achieving a common currency was the difficulty of our respective countries in achieving macro-economic convergence,\u201d he added.<\/p>\n<p>\u201cI believe that if we are serious about it, we can work towards mobile money interoperability at the continental stage and, therefore, we should move away from the macro-economic convergence criteria to digital payment convergence criteria,\u201d Bawumia stated.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/07\/bog_governor_apn.jfif.jpeg\" alt=\"\"\/><\/figure>\n<p>Speaking at the seminar, themed \u201cScaling Up Interoperability: Using Mobile Money to Buy &amp; Sell Across Africa,\u201d the governor of the\u00a0Bank of Ghana\u00a0(BoG), Dr.\u00a0Ernest Addison, commended the Africa Prosperity Network (APN) for creating the platform for the exchange of knowledge and expertise on improving Africa\u2019s financial space.<\/p>\n<p>Dr.\u00a0Ernest Addison\u00a0explained that seminars like this create a platform for policymakers and decision-makers to garner knowledge and make informed decisions that culminate in the growth of the economy.<br \/>\u201cI would like to extend my sincere thanks to the organizers of this symposium for their dedication to the launch of this initiative.\u201d<\/p>\n<p>\u201cYour commitment to fostering collaboration and innovation in this crucial area is commendable. Allow me to also add that the initiative to scale up cross-border payment interoperability aligns with the broader financial digitization and inclusion agenda of the BoG,\u201d Addison added.<\/p>\n<p>The forum is being organized by the Africa Prosperity Network (APN), organizers of the Africa Prosperity Dialogues (APD), in collaboration with the Africa Continental Free Trade Area (AfCFTA).<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/07\/diginitaries_apn_level.jfif.jpeg\" alt=\"\"\/><\/figure>\n<p><strong>Source:\u00a0<\/strong>www.ghanaweb.com<\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr. Mahamudu Bawumia, the Vice President of Ghana, has called for a shift in policy direction by African Central Banks from the creation of a common currency to mobile money interoperability. In a speech delivered on the opening day of the APN Continental Mobile Interoperability Symposium in Accra on Friday, July 5, 2024, Dr. Bawumia [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":197135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-197134","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Drop common currency idea and pursue mobile money interoperability \u2013 Dr Bawumia to African countries \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/07\/06\/drop-common-currency-idea-and-pursue-mobile-money-interoperability-dr-bawumia-to-african-countries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Drop common currency idea and pursue mobile money interoperability \u2013 Dr Bawumia to African countries \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Dr. Mahamudu Bawumia, the Vice President of Ghana, has called for a shift in policy direction by African Central Banks from the creation of a common currency to mobile money interoperability. 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