Banker and financial sector specialist Donatus Kuuzume has argued that the introduction of a digital currency will boost government’s financial inclusion drive, as it will offer a lot of Ghanaians the chance of operating a bank account, predicting a phenomenon that will be similar to the mobile money wave.
Mr. Kuuzume was speaking at a seminar organised by the Business School of the University of Education, Winneba, on the theme, “The role of digital currency in the Ghanaian economy: the way forward”.
He advised the public, especially the business world, to take advantage of the opportunities presented by the introduction of a digital currency in Ghana.
He explained that digital currencies have recently emerged as a hot topic in the financial space, with banks, institutions and governments conducting research and analysis on the economic and technical feasibility of introducing a new form of digital money and its impact on monetary and fiscal policies.
Mr. Kuuzume said just like with the introduction of any service, there might be challenges, but the benefits of digital currencies far exceed the disadvantages.
Ghana is in the process of piloting the scheme, whilst countries like The Bahamas, Jamaica and China have already rolled it out.
Vice Dean of the School of Business of the University of Education, Winneba, Dr. Joseph Ato Forson, for his part, said Ghana cannot be left out of what he described as the digital currency revolution.
He opined that the introduction of the digital currency will facilitate business transactions, thereby boosting the economy, adding that financial institutions will benefit immensely by reducing the cost of doing business.
He noted that a central bank digital currency increases the safety and efficiency of both wholesale and retail payment systems, and could also facilitate a quick settlement of retail payments and improve the efficiency of making payments at the point of sale or between two parties.
Another speaker, Mr. Gad Ocran, a financial transformation analyst, charged students to be abreast with technology in this changing world, as employers seek to engage those with knowledge in technology to boost their businesses and be competitive.
The Dean of the School of Business, Prof. Braimah Imurana Awaisu, entreated the students to develop the right attitudes in order to fit into the world of work.