The pursuit of strong digital economy by Dr. Mahamudu Bawumia has moved beyond Ghana as Canada is set to implement an instant interoperability payment system.
Canada is drawing inspiration from Ghana’s successful model introduced by Dr Bawumia, the former Vice President and presidential candidate of the New Patriotic Party (NPP) in the 2024 general election.
Ghana’s mobile money interoperability system, launched in May 2018, enabled seamless transactions across different mobile networks and between mobile wallets and bank accounts, significantly enhancing financial inclusion and reducing transaction costs.
The decision of the Canadian government to adopt a similar framework underscored the global recognition of Ghana’s digitalisation efforts.
Former Canadian Minister of Industry, Tony Clement, praised Ghana’s digitalisation agenda as a “game-changer,” highlighting its role in promoting transparency and accountability across various sectors.
He specifically commended the mobile money interoperability system for simplifying fund transfers between different mobile networks, thereby overcoming traditional banking challenges.
Dr Bawumia’s vision extended beyond national borders, as he advocated for a Pan-African payment system and mobile money interoperability across the continent.
He emphasised that such systems could serve as feasible alternatives to a common currency, facilitating seamless transactions and boosting intra-African trade.
His commitment to digital transformation has positioned Ghana as a leader in financial technology innovation.
Canada’s move to implement an interoperable payment system reflects the effectiveness of Ghana’s approach and its potential applicability in other contexts.
By embracing digital solutions inspired by Ghana’s model, Canada aims to enhance its financial infrastructure, promote inclusivity, and streamline transactions for its citizens.
This development signifies a growing trend of countries looking to successful models like Ghana’s to inform their digital transformation strategies.
