No need for single currency in Africa, MoMo interoperability the best option Bawumia [Video]

Vice President, Dr Mahamudu Bawumia is advocating for a policy shift away from the pursuit of a single currency for African countries.

According to him, interconnected payment platforms, such as interoperable Mobile Money services, offer a more practical solution for bridging the financial divide and enhancing intra-African trade.

Historically, African leaders have concentrated on achieving macroeconomic stability across the continent as a prerequisite for a common currency.

However, Dr Bawumia argues that, Africa’s challenges in meeting the economic convergence criteria necessary for a unified currency indicate that a seamless payment system can be better realized through financial interoperability.

He pointed out that, the concept of a common currency, proposed in 1963, has been overshadowed by the advancements in digital payments.

“Making mobile money interoperable allows our citizens across the continent to trade seamlessly and so this is where I believe as African countries we need to focus on. One of …