Digital currencies are a lever which, according to Anouar Hassoune, managing director of the WARA agency, is not sufficiently explored. Exploited at the global level in Africa, they could be a funding base for its development, according to him.

Anouar Hassoune, managing director and shareholder of the West African Rating Agency (WARA), a rating agency based in Dakar and majority controlled by the South African Global Credit Ratings, suggested that one of the alternatives to overcome the difficulty for the Africa to mobilize resources and finance its development and its economy is found in the adoption of blockchain and cryptocurrency.

This proposal is made, while several elements likely to support it are being put in place in Africa. Nigeria has recently taken the lead, and aims to circulate its recently created central bank digital currency in a market of just over 200 million people. Countries like Ghana do not rule out taking the same path, and the strong digitization of means of payment in East Africa is a real opportunity.

Money creation in Africa has still remained in the ranks of macroeconomic orthodoxy and cryptocurrency gives it an opportunity to get out of it, and Blockchain a safeguard measure. A significant part of African wealth is today unquantified and not valued by the market, unlike in developed economies where banks can leverage the weight of financial assets.