E-currency: Chamber of Commerce calls for infrastructural development

Depositphotos Stock Illustration Ghana Cedi Money Bag Icon
Depositphotos Stock Illustration Ghana Cedi Money Bag Icon

The Ghana National Chamber of Commerce and Industry (GNCCI), has called for improved infrastructure to ensure smooth implementation of digital currency and free trade in Africa.

The Chamber said there was urgent need for governments across the continent to build railways and dual carriageways that would connect the countries for easy transportation of people and goods to make intra Africa trade attractive.

It also noted the need for governments on the continent to quickly provide structures and policies that would transform the economy from a primarily informal sector to a formal one.

The above, with public education on the implementation and advantages of the African Continental Free Trade Area (AfCFTA) and e-currency would spur economic growth and job creation on the continent, the Camber said.

Mr Clement Osei-Amoako, the President of GNCCI, in an interview with the Ghana News Agency in Accra, noted that there were numerous opportunities inherent in the implementation of AFCFTA and the adoption of the digital currency (e-currency) because the continent was endowed with a large market and encouraged leaders of the continent to fix infrastructural challenges and open-up the region for rapid growth.

“We’ve started with some few people; businesses and some industries are trying to export their products to neighbouring countries. For me, the market as we speak now, is moving about 1.5 billion. It is huge, and the benefit of even creating jobs supporting our currencies cannot be over emphasised,” he said.

He also urged governments to support the informal sector of the economy by providing training to those in the sector to formalise their activities and empower them to use the digital payment systems.

Mr Osei-Amoako said the involvement of the informal sector would widen the tax bracket and promote liquidity flow through the identification of businesses and their transactions.

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