KAMPALA — Top American investor Ashworth Barnes who is the Chief Executive Officer of 713 motoring company has welcomed the Akoin cryptocurrency initiative — saying the measure will boost business and investment in Africa.
During a highlight publicised business trip to Uganda last week coordinated by the office of the Senior Presidential Advisor on Diaspora Affairs, Akon revealed plans of setting up Akon City in Uganda whose currency shall be the Akoin. The Ugandan Akon City. The Senegalese-American RnB singer wants to launch a new pharaonic project in East Africa. The Ugandan government, through its Minister of Lands, Housing and Urban Development, Isaac Musumba, has promised to make a 260-hectare site available for the construction of this futuristic city.
As a member of the delegation that visited Uganda, Ashworth Barnes believes that the Akoin is a viable solution to the currency gap in Africa.
“Africa has many barriers with commerce because the currency is different in each country making cross boarder trade a bit costly. We need to be able to reduce the cost of doing business and the Akoin is the viable solution with the world moving in crypto,” Ashworth said in an interview.
The US business tycoon who is set to invest in automotive industry in Ugandan said that investor planning to do investment in African should rise up and support the Akoin cryptocurrency since it will ease the cost of investment and offer huge returns.
The Akoin comes at the time as the East African Community is thinking of coming up with a common currency in line with economic integration.
“We will have professionals that we plan to send to Uganda who can train the locals and I think one of the things that we lack in countries like Uganda is access to information and we need to be properly trained not only in construction, but also in management and then maintenance of the properties,” said Akon. The singer plans to complete the construction of Uganda’s Akon City in 2036.