July 12, 2021
By Mumavia Juana (Dee Rhino)
(BRAVIA HOTEL, OUAGADUOGUO, JULY 6, 2021) A joint committee of four standing committees of ECOWAS Parliament has started deliberations on the future of crypto currency in ECOWAS member States at a conference center of BRAVIA Hotel in Ouagadougou, Burkina Faso. The main focus of the meeting is to provide a clear path way of ECOWAS Members of Parliament with an understanding of crypto currency and its use in the process of facilitating regional integration. The meeting also offers a convincing opportunity for the ECOWAS parliamentarians to decide on the nature and need for regulations to guard against the misuse of crypto currency in the region. “A crypto currency is a decentralized digital currency that uses cryptographic algorithms and a protocol called block chain to ensure the reliability and traceability of transactions”.
However, this initiative came as a result of the understanding of member States beginning to realize the need to protect citizens against misuse of crypto currency and to regulate its use. Therefore, the ECOWAS Parliament, not oblivious of the fact saw the urgent need to educate its citizens on the implications of this virtual currency, and has further decided to organize this very important and timely joint committee meeting under the theme: “Crypto currency as facilitator for Investment in West Africa.”
Welcoming members and other delegates to the meeting, the head of delegation of the Burkinabe Parliamentarians to the ECOWAS Parliament- Honorable Kaboubie’ Reine Bertille Sakande Benao, welcomed all on the Burkinabe soil. She went on to thank about the organizers and especially the leadership of the ECOWAS Parliament Hon. Sidie Mohamed Tunis for organizing numerous meetings over the years in Burkina Faso. She humbly requested the fullest attention of the parliamentarians in order to adequately understand the ramifications behind the crypto currency approach.
Making his Opening remarks, Hon. Kwasi Ameyam-Cheremeh, Co-Chair of the joint Committee of Administration, Finance & Budget/Macroeconomic Policy& Economic Research/ Public Accounts/ Trade, Customs & Free Movement in the ECOWAS Parliament, gave a brief outline of what participants were to expect from the joint committee meeting on “Crypto currency as facilitator for trade and investment in West Africa”. Giving the background of the subject, Hon. Kwasi explained that “the advent of globalization has given birth to novel instrument such as crypto currencies contained to grab the headlines due to their prospect and more recently for their notoriety. He informed participants that the total values of crypto currencies had $1.6 trillion as at February 2021”. However, despite all the good things been said about this block chain driven instrument, but there are still more questions to be asked than answers. Hon. Kwasi went on to ask, “Are crypto currencies genuine investment opportunities, or another pyramid scheme destined from the past?” he asked. But the solace was that, there were experts who are crypto currency researchers and analysts, and have practiced the use of this virtual currency set to explain in detail the ramifications of the said currency and its timeliness in terms of usage in the sub-region.
Speaking on behalf of H.E Jean-Claude Kassi Brou, President of the ECOWAS Commission, Hon. Kofi Konadu Apraku, ECOWAS Commissioner for Macro Economic Policy and Economic Research, thanked the Rt. Honorable Tunis for honoring him with an invitation to the meeting. Hon. Kofi expressed his proudness of the Parliament for identifying a contemporary issue of our time. He went on to explain that Cyrptocurrencies were presently very pertinent for consideration particularly as the Community was striving to achieve a single currency with its attendant advantages. He said, His Excellency recalled various failed attempts at introducing crypto currencies before the success recorded in early 2009 by Japanese Bitcoin founder Satoshi Nakamoto. He highlighted the benefits and advantages of crypto currencies, and concluded by recommending that the region should intensify studies and impact analysis on the virtual currency.
In a good will message, the technical adviser to the Minister of Foreign Affairs, Cooperation, Africa Integration and Burkinabe in Diaspora, Mr. Regis Kevin Bakyono, commended the parliament on the exercise of its enhanced powers and applauded the selection of crypto currencies as the topic of the meeting. He noted that it was on the world’s front burner and of interest to Burkina Faso as a facilitator for trade and investment. He ended by expressing his view that the nature of crypto currencies required a collective approach from the region.
In his message, the Minister of Economy, Finance and Development who was represented by Madam Pauline Zoure Kabore the Minister of State, Joined the previous speaker in commending the Parliament and its initiative in bringing Crypto currencies up for discussions. The Minister of State concluded by expressing the willingness of Burkina Faso to explore its potentials for increased revenue and investment.
The Rt. Honorable Alassane Bala Skande’, Speaker of the National Assembly of Burkina Faso was represented by the 2nd Deputy Speaker, Madam Nignan Boni Chantel. The Speaker expressed his pleasure at hosting the parliament again. He explained that this confidence ECOWAS showed was appreciated, particularly in light of Burkina Faso’s recent security challenges. On the topic, he highlighted the advantages and liberties of cryptocurrencies, which he explained needed to be balanced against protecting unsuspecting Community Citizens of its inherent dangers. Declaring the meeting open, the speaker looked to the strategies to be recommended by the joint Committee to harvest the benefits of the new technology.
The keynote address was delivered by Hon. Boucary Sani Malam Chaibou, 2nd Deputy Speaker of the ECOWAS Parliament, on behalf of the Rt. Honorable Speaker of the ECOWAS Parliament, Dr. Sidie Mohamed Tunis, who was unavoidably absent. Hon. Boucary expressed his delight that Burkina Faso is playing host to another meeting of the ECOWAS Parliament. The Speaker noted his solidarity for the current security challenge the Burkinabaes are going through, and that it has the potential to sweep the region. He encouraged the security forces to remain steadfast and made a passionate appeal to the aggressors to embrace dialogue rather than violence.
Speaking on the subject matter, the Rt. Hon. Speaker, lamented the economic adversity occasioned by the COVID-19 pandemic. He commended the timelines of considering cryptocurrencies during the community recovery and search for an appropriate monetary framework to guarantee the future of constituent economies. He challenged participants to consider a common approach devoid of sentiments in analysing the subject. Concluding, he stressed the importance of financial inclusion to accessing the basic necessities of life.
During discussions among ECOWAS MPs, it came out clearly that there is need for high-level experts of this virtual currency to provide members with the required knowledge necessary for better understanding of its use. On that token, two power point presentations were done by two consulting firms; BTCC Bitcoin Crypto Derivative Exchange Abuja, represented by Mr. Olusegun S. Akinyelu and members States Economy represented by Mr. Konan Hyppolite, head of division, UEMOA. Both presentations were centered on: ‘’Cryptocurrencies, what are they? And what are their prospects as tools for investment growth in West Africa’’ and the Challenges and prospects of Cryptocurrencies as facilitator for investment in West Africa.
Few questions were asked and were answered by both consultants though not exhaustive to meet the desired knowledge members needed. But it was presided by the Chairman that there is need for more information and education in order acquaint parliamentarians with the Cryptocurrency ecosystem.
On Friday 10th July 2021, a report was read highlighting all the discussions done on Cryptocurrency and was adopted by members subject to further actions.
Closing remarks and vote of thanks was delivered by Hon. Kofi Konadu Apraku for and on behalf of the Rt. Honorable Sidie Mohamed Tunis.