–BY Issah Olegor
Two nations on separate continents are turning their gaze to Ghana as they explore bold financial reforms inspired by innovations championed by former Vice President Dr Mahamudu Bawumia.
Canada and Namibia are both considering adopting elements of Ghana’s pioneering digital and economic models, underlining Ghana’s growing influence in shaping global and regional policy discussions.
Namibia is reportedly exploring a policy shift that could mirror Ghana’s gold-backed economic stabilisation strategy.
At the heart of this consideration is Ghana’s “Gold for Oil” programme, also championed by Dr Bawumia. Introduced to reduce pressure on foreign exchange reserves, the initiative allowed Ghana to use domestically acquired gold to pay for oil imports, ultimately easing demand for dollars and helping stabilise the Ghanaian cedi.
The model, according to analysts, also contributed to stabilising fuel prices and shielding the local economy from volatile exchange rate movements.
Dr Bawumia had advocated for a gold-anchored currency framework as a long-term tool to protect against currency depreciation—a proposal that now appears to be resonating in Windhoek, the Namibian capital.
Namibia’s potential adoption of a gold-backed programme reflects a growing trend among resource-rich African countries to capitalise on their natural wealth in pursuit of macroeconomic stability.
Though Namibia has yet to formally announce such a policy, government sources and regional economic experts suggest the model is under serious review as part of broader reforms aimed at reducing dependence on volatile foreign exchange markets.
In North America, Canada is preparing to roll out an interoperable payment system modeled after Ghana’s successful mobile money interoperability framework, which was launched in May 2018.
The Ghanaian system enabled instant transactions across different mobile networks and between bank accounts and mobile wallets—an innovation that not only enhanced financial inclusion but also significantly reduced transaction costs and reliance on cash.
Dr Bawumia, the New Patriotic Party’s (NPP) flagbearer for the 2024 elections, spearheaded this initiative as part of his broader digitalisation agenda.
The system’s impact in Ghana was widely praised, with notable international observers like former Canadian Minister of Industry, Tony Clement, hailing the interoperability structure as a “game-changer” that improved transparency and accountability in both public and private sectors.
Canada’s decision to emulate this framework signals a recognition of Ghana’s leadership in financial technology and public-sector innovation.
It also reflects a growing global appetite for scalable, proven digital solutions that foster inclusivity and efficient service delivery.
By adopting a similar model, Canada aims to modernize its financial infrastructure and ensure that fund transfers are seamless, efficient, and accessible to all citizens.
Both developments—Canada’s embrace of digital payments interoperability and Namibia’s interest in a gold-backed currency stabilisation scheme—illustrate the growing international relevance of economic models developed in the Global South, particularly those led by Ghana.
As digital innovation and economic resilience become central to governance strategies worldwide, Dr Bawumia’s initiatives are gaining traction beyond Ghana’s borders, placing the West African nation at the forefront of policy influence across continents.
