The Bank of Ghana (BOG) announced that it is in the advanced stages of introducing a Central Bank Digital Currency.
The BOG is the Central Bank of Ghana. It is located in Accra and was formed in 1957. The bank is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.
Ernest Addison, BOG Governor said, the Central Bank plans to introduce the CBDC fits with its objective of maintaining the position as Africa’s leader regarding embracing financial technologies.
Nonetheless, prominent news sources are reporting that the first Deputy Governor has revealed that Ghana will start piloting the Digital Cedi in a sandbox environment this September.
Meanwhile, in his comments after the start of a two-day journalist training event, Opoku-Afari suggested a digital cedi would enhance digital transactions in the country.
Digital currency is part of the central bank acknowledging the need for digital payment and digital delivery of financial services. By this, the Bank of Ghana will provide a platform on which we can add more value to digital transactions. Opoku-Afari said.
The First Deputy Governor also explained that the BOG had taken its time to design a digital currency that incorporates “all the security features.”
Most African Central Banks have signaled, while others have revealed, that they are in different stages of their CBDC research projects. In a 2020 survey publication by the Central Bank, they found that central banks in 46 countries have been researching CBDCs, indicating widespread global interest.
BOG will be one of the first central banks on the African continent to actually roll out a digital currency, but only if it adheres to the timelines set forth on the road map.
