Ghana Central Bank Partners Firm On Digital Currency

Ghana Central Bank Partners Firm On Digital Currency

The Bank of Ghana has signed agreement with Giesecke+Devrient (G+D) to implement a pilot Central Bank Digital Currency (retail CBDC), in Ghana, West Africa.

G+D is providing the technology and developing the solution adapted to Ghana’s requirements, which will be tested in a trial phase with banks, payment service providers, merchants, consumers and other relevant stakeholders.

The CBDC project will serve as a precursor to the issuance of a digital Ghana Agenda, which involves the digitalization of the country of 30 million people and its government services.
According to a statement, made available to LEADERSHIP, the e-Cedi, is introduced to complement and serve as a digital alternative to physical cash, thus. driving the Ghanian cash lite agenda through promotion of diverse digital payments, while ensuring a secure and robust payment infrastructure in Ghana.

“It also aims to facilitate payments without a bank account, contract, or smartphone, by so doing boosting the use of digital services and financial inclusion amongst all demographic groups,” it added.

Governor of Bank of Ghana, Dr. Ernest Addision, said, the CBDC presents a great opportunity to build a robust, inclusive, competitive and sustainable financial sector, led by the Central Bank.

From all indications, Addision added that the concept has a significant role to play in the future of financial service delivery globally and the project is a significant step towards positioning Ghana to take full advantage of this emerging concept.

On his part, the CEO of G+D currency technology business sector, Wolfram Seidemann, emphasised that, “the Central Banks around the world are exploring the introduction of digital money as legal tender. The Ghanian government is one of the first African countries now entering a pilot phase. We are proud to support Ghana with our technology and expertise.”

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