The world has moved from the barter system to banknotes and now irresistibly digital currencies.
Quiet frankly, it is imperative to look at the massive experiment in digital space of trade where it encourages huge movement of funds without major fears of robbery attacks.
As the new era of global digital economy Ghana is not an exception and Bank of Ghana should look at the bright side of the 21st century technological advancement so that the institution is not seen lagging behind the impeccable global digital currency regime.
Given the Vice President of the Republic of Ghana His Excellency Dr. Mahamudu Bawumia’s digitalization drive it will be disingenuous for Bank of Ghana an institution he once worked in as a deputy Governor to follow at an eel pace to the true intent of his campaign and zeal to digitize the Ghanaian Economy. In contrast, Bank of Ghana says freedom coins, a digital currency yet to be launched, should not be patronized because the Bank of Ghana has no regulations for digital and virtual currencies.
Digitalization of currencies should be the topmost subject for discussion given the devastating burden and impact of covid-19 pandemic. It is even more practically needed since the digital platforms for digital currencies helped to reduce the dread impact of covid-19 pandemic where most citizens of the world patronized many items online using digital currencies. Those who took advantage of the digital economy reduced close contact with people who were infected by covid-19 virus and by so doing reduced the morbidity and mortality rate of covid-19 virus.
In essence many families and friends survived the harsh nature of the virus by using digital currencies of good standing. It is rather sad many lost family members and friends to covid-19 virus. In the legal standpoint Bank of Ghana have no regulations for “freedom coin” yet to be launched by Nana Bediako Alias Freedom Jacob Caesar or Cheddar.
But do the Bank of Ghana have regulations for “Bitcash fast investment” to operate where the picture of an appointee of President Nana Addo Dankwa Williams Akuffo Addo in the person of Sammy Awuku Managing Director of National Lottery Authority?
The fraud being committed against innocent Ghanaians are now facilitated by government appointees and the Bank of Ghana has no decency to go after such persons.
I do not hold brief for Nana Bediako Alias Freedom Jacob Caesar or Cheddar I have not met him before and I am not in any way endorsing an illegality if any, but his ambition for the digital world should be a clarion call for Bank of Ghana to speed up regulations to tap revenue for national development instead of the unprecedented cautions against patronizing digital currency.
In equal measure the Bank of Ghana owes good people of Ghana similar or worse condemnation for “Bitcash fast investment” because of the public influence the use of the picture of Sammy Awuku will pose on the populace on their social media communication items. Bank of Ghana under Dr. Ernest Addison seems to have lost touch with technological innovations and advancement.
In his statement on 9th March 2022 against the patronage of “Freedom coin” exposes him of such technological deficit which inadvertently rubbishes the 02 November 2021 pronouncement on E- Cedi made by His Excellency The Vice President of the Republic of Ghana Dr. Alhaji Mahamudu Bawumia who expressly said that E- cedi is in the offing which instantly had exhilating effect on yet another tangible mile stone in the area of digitizing the Ghanaian economy.
In the statement of the Vice President, he said the E- cedi will drastically reduce the incidents of bullion van robberies in the country thereby being an effective militant against armed robberies.
The caution Bank of Ghana issued against digital currencies then betrays the Vice President of Ghana and subsequently portrays him as a “LIAR” or blowing hot air because he made the E- cedi statement in November 2021 only for Dr. Ernest Addison caution to have come somewhat too late.
In critical consideration it is incumbent on Bank of Ghana to embrace the debacle as a sincere challenge to usher Bank of Ghana the opportunities the digital space of trade can offer so that the country would be able to rack in revenue for national development.
The digital currencies and virtual platforms are good platforms and should give stakeholders in the technological world a consultative hand to increase various expertise that will encourage a formidable brainstorming to produce a working regulatory document for use and proper implementation of the same for the benefit of the people of Ghana and the world at large.
Besides “Freedom coin” is Ghanaian must we as a nation always be consumers of foreigners ideas or “The White Man” innovations?
The time to be proud of Ghanaian ideas is now!!!
This is purely common sense.
By ADOMBIRE CLINTON
PRESIDENT RESPONSIBLE CITIZEN GHANA
+233 50 784 4887