Topic: Will Digitization of National Currency Bring value to African Currencies? (Read 159 times)
October 03, 2019, 07:44:37 PM
Africa nations must learn to save money and be transparent in their governance, they will have to harness the full potential of their natural resources rather than exporting raw materials only to import the finished product which is dealing with a bad blow on their development and the strength of their national currency. Even a national digital currency won't help any unserious leaders.
October 03, 2019, 06:43:42 PM
Country like Ghana has allot of natural resources yet every year the nation do their Budget in USD. Investor traveled to Ghana and buy their resources with USD. Which make the national Currency got no value. Do you think if Africans adopt their own digital Currency can bring Change and value to their local Currencies ?
In my point, there's a possibility, but the local currency that might have a value seems to be not the actual local currency, but the virtual or cryptocurrency that they will going to utilize. But if we will going to look at the fact that not all people in Africa has their own mobile devices and internet, I think they should focus more on the development of their economy first. Trust their own product, use their own money, regulate and support their local products, that's what could make their local Currencies, valuable.
You had a point that mate, civilization of every people about new digital currency and teach to them people what is digital currency is all about, they need a lot of time to become useful use as local currency.
October 03, 2019, 06:34:34 PM
Country like Ghana has a lot of natural resources yet every year the nation do their Budget in USD. Investor traveled to Ghana and buy their resources with USD. Which make the national Currency got no value.
This doesn't happen only on Ghana but in most countries, investors and buyers use USD as the main currency to determine value and price easily. I'm not well aware of the currency of Ghana and it's value but a currencies value is being determined by a country's state economy.Do you think if Africans develop and adopt their own digital Currency it can bring Change and value to their local Currencies?
There's no difference of using cash and digital currency if it will have the same value. 
October 03, 2019, 05:10:57 AM
More African countries have got good resources, but those were under the control of networks that own it and keep the local citizens as employees for very less pay. This is why the economy doesn't get developed in Ghana and other countries close to it. Here what's been earned by these networks were invested on other countries. This will devaluate the economy, and the same gets reflected through the money value. Even digitization can't help with rebuilding the economy until those resources were mined in a proper way.
October 03, 2019, 05:04:46 AM
Country like Ghana has a lot of natural resources yet every year the nation do their Budget in USD. Investor traveled to Ghana and buy their resources with USD. Which make the national Currency got no value. Do you think if Africans develop and adopt their own digital Currency it can bring Change and value to their local Currencies?
USD brought by investors from other countries adds value to the national economy. USD is the most valued money in the world at the moment, and its influx to any place does not bring loss. National currency is such that they can produce as much as they want, but this causes inflation. So, you don't need to prevent the USD, on the contrary, more USD means better economy.
Besides, I researched a bit and found out that Ghana's economies have been developing in recent years. There was an increase roughly 6.5% in the economy last year.
October 03, 2019, 03:58:31 AM
Digital currencies could become convenient and safe form of payment in countries where most citizens don’t have bank accounts. It could expand access to international financial markets. But in case of Africa, digitization of national currency doesn't bring value. They should change the whole economy first.
October 02, 2019, 06:25:46 PM
Country like Ghana has a lot of natural resources yet every year the nation do their Budget in USD. Investor traveled to Ghana and buy their resources with USD. Which make the national Currency got no value. Do you think if Africans develop and adopt their own digital Currency it can bring Change and value to their local Currencies?
first, i guess this thread should be in speculation.
well,in this case, it's impossible for now, i just speculation, it may will bring more damage to the value of their local currency.
to make their digital currency have a "value" , of course must be backed by real assest.
and in this case , did goverment dare to create a new thing such as digital currency to be same as real money ?
I just thought, maybe the fluctuation tends to be stable , but as time goes,it will be make inflation on their country.
the point, it just a reckless thing to do.
October 02, 2019, 06:13:42 PM
Country like Ghana has a lot of natural resources yet every year the nation do their Budget in USD. Investor traveled to Ghana and buy their resources with USD. Which make the national Currency got no value. Do you think if Africans develop and adopt their own digital Currency it can bring Change and value to their local Currencies?
Creating their own digital currency is not the answer or the solution to the devalued currency. If the same mistake or problem that has been on ground or a while, which has limited the growth of their currency, creating digital currency will not solve it.Also, what gives value to digital currency are the products backing it up and serving as bases to enhance it's value. If thus is done, then whatever currency that is created, whether digital or physical, it will still be affected.
October 02, 2019, 05:01:07 PM
Country like Ghana has a lot of natural resources yet every year the nation do their Budget in USD. Investor traveled to Ghana and buy their resources with USD. Which make the national Currency got no value. Do you think if Africans develop and adopt their own digital Currency it can bring Change and value to their local Currencies?
in the future, i believe a lot of country will digitalizing its national currency my friend
and for sure if an african country will adopt and develop their own digital currency, thats will be a good idea and i believe will bring a lot of good things mate
regards
October 02, 2019, 01:30:13 PM
I don't think you understand that most of these Governments do not wants their currencies to gain value against USD. The more valuable your currencies is against USD the less you get through trade, just look at hat China is doing. You USD reserve is very important for Central banks and digitizing the currencies won't make it more or less valuable IMO
October 02, 2019, 12:09:35 PM
Country like Ghana has a lot of natural resources yet every year the nation do their Budget in USD. Investor traveled to Ghana and buy their resources with USD. Which make the national Currency got no value. Do you think if Africans develop and adopt their own digital Currency it can bring Change and value to their local Currencies?
Still the condition of their national crypto currency will be the same because the value might be backed up by thier national fiat money's value right?But if they adopt to a decentralized money system then they can avoid USD's influence in their country.
October 02, 2019, 12:02:40 PM
In my opinion, the digitization of the national currency will not affect the value of African currencies. I think that in order for the situation with African currencies to change, something needs to be changed in their economy.
October 02, 2019, 11:00:07 AM
Country like Ghana has a lot of natural resources yet every year the nation do their Budget in USD. Investor traveled to Ghana and buy their resources with USD. Which make the national Currency got no value. Do you think if Africans develop and adopt their own digital Currency it can bring Change and value to their local Currencies?
For Africa to develop their own digital currency it will be very difficult because of lack of political will to do so and some bureaucratic policies that will militates against the implementation and adoption of the digital currency, Having the technical Know-how is another factor and how to implement it will take another milestone in doing it of course if Ghanaian government can muster courage and adopt buying of their natural resources with their own adopted digital currency its gonna boast their foreign exchange and enhance their monetary growth. 
October 02, 2019, 09:56:58 AM
Country like Ghana has a lot of natural resources yet every year the nation do their Budget in USD. Investor traveled to Ghana and buy their resources with USD. Which make the national Currency got no value. Do you think if Africans develop and adopt their own digital Currency it can bring Change and value to their local Currencies?
It's just can't happen to imagine digital currency to replace national currency considering it's in africa where it's always difficut to implement something about technology more specifically is a digital currency. Digital currency only suitable for country with no problem when it comes to digital world and no offense but I don't think africa has reached that point yet, it's still need to fix or distribute their internet connection evenly.It's not that the digitaztion of national currency will bring value to african currencies it's just not the right time for african country to switch into a more digitized form of currency which is digital currency. It's better to fix the foundation first before building even further.
October 02, 2019, 09:47:46 AM
First, that country has been exploited for centuries that's why the country has turn for the worst.
Second, before adapting digital currency, I think the government need to improvement their infrastructure. How can they support crypto when internet is poor or slow to say the least?
With that said, I think there are more pressing problems to deal with. So I don't think that that having their own crypto back up by the government will be the solution here.
Second, before adapting digital currency, I think the government need to improvement their infrastructure. How can they support crypto when internet is poor or slow to say the least?
With that said, I think there are more pressing problems to deal with. So I don't think that that having their own crypto back up by the government will be the solution here.
October 02, 2019, 08:47:29 AM
I don't think if that will help the local currency of Ghana and why? remember about the value of the local currency pegged to the economy of the country itself. You can take a look at Venezuela and the existence of crypto like bitcoin helped the Venezuelan in term of the dollar value.
Venezuela's local currency is not accepted again and almost all of Venezuelan are looking for dollars to keep their life.
That's why the economic condition is the main factor that makes the local currency can be accepted by another country or even in the country itself.
Crypto will help ghana in term of dollar. It will not give an impact to the local currency and the government is a party that must have the responsibility to help its local currency.
Venezuela's local currency is not accepted again and almost all of Venezuelan are looking for dollars to keep their life.
That's why the economic condition is the main factor that makes the local currency can be accepted by another country or even in the country itself.
Crypto will help ghana in term of dollar. It will not give an impact to the local currency and the government is a party that must have the responsibility to help its local currency.
October 02, 2019, 08:27:46 AM
Country like Ghana has allot of natural resources yet every year the nation do their Budget in USD. Investor traveled to Ghana and buy their resources with USD. Which make the national Currency got no value. Do you think if Africans adopt their own digital Currency can bring Change and value to their local Currencies ?
In my point, there's a possibility, but the local currency that might have a value seems to be not the actual local currency, but the virtual or cryptocurrency that they will going to utilize. But if we will going to look at the fact that not all people in Africa has their own mobile devices and internet, I think they should focus more on the development of their economy first. Trust their own product, use their own money, regulate and support their local products, that's what could make their local Currencies, valuable.
October 02, 2019, 07:14:37 AM
Country like Ghana has a lot of natural resources yet every year the nation do their Budget in USD. Investor traveled to Ghana and buy their resources with USD. Which make the national Currency got no value. Do you think if Africans develop and adopt their own digital Currency it can bring Change and value to their local Currencies?
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