The First Deputy Governor of the Bank of Ghana (BoG), Dr. Maxwell Opoku-Afari, has revealed that the central bank has made some significant progress towards the introduction of the digital version of the cedi, known as the eCedi.
“The introduction will be linked to the completion of necessary commercials. It will be done as the economic environment is right and stabilizing. The pilot was a success”, he said.
Dr. Opoku-Afari made the assertion in an interview with Joy Business on the sidelines of the 3i Africa Summit at the Accra International Conference Center.
He stated that the time is getting right to pursue the project as the economy recovers from challenges in recent times.
“I think we are moving into a space where we are beginning to consider the proper roll out of the digital currency. However other, indicators are currently being monitored before that decision is taken”, he added.
He clarified that no specific time has been set to introduce the eCedi but will be implemented as the economic environment gets better.
Background
The Bank of Ghana initially worked to introduce the eCedi in 2022; however, challenges with the economy forced the regulator to freeze its roll out.
The eCedi will be a publicly-available digital form of fiat currency which is issued by a state with legal tender status.
This is a value based approach that implies an eCedi that represents a token, or a digital value note.
Payment is done by transferring the value note from one person to another. The concept is similar to cash payment transactions, where payment is done by transferring banknotes and/ or coins from person A to person B
BoG has developed a view of the eCedi to meet the following strategic goals:
• Increase digitization of the Ghanaian economy;
• Foster financial inclusion and consumer adoption of digital payments;
• Anticipate the future role of BoG as an active regulator and facilitator of a digital economy;
• Foster the possibility of a more secure, efficient, and resilient payment system;
• Address the risk of unregulated privately issued digital “currencies” or virtual assets
Pilot poll out of eCedi
Dr. Afari-described the roll out of the pilot as a success.
He revealed that everything at the 3i Africa Summit, (The Innovation Village) was sold through the eCedi,.
“You cannot use any physical cash at that place. At this summit we decided to demonstrate how it works, by loading it on phones. All these things are part measures to test the digital currency, before the full roll out”, he explained.
“Now that the Pilot has been completed, the Bank of Ghana is getting ready to consider commercials around the eCedi”, he added.
Latest Stories
-
35th CIMG Awards: Full list of winners
1 hour -
The Multimedia Group wins big at CIMG Awards 2023
2 hours -
Bernard Mornah wins PNC flagbearship race
3 hours -
Video: Confusion at PNC National Executives election
3 hours -
Rapper E.L. joins King Promise as Guinness Accravaganza headliner for September 21 showdown
4 hours -
PNC Congress: Bernard Mornah leads in Greater Accra Region
5 hours -
Reject violence, divisive rhetoric, embrace peace ahead of elections – Bawumia appeals to Ghanaians
5 hours -
SEFF’s debut single ‘Father’ sets stage for bold new talent
6 hours -
Super typhoon Yagi kills four in Vietnam
6 hours -
Hollard Insurance-UENR Mentoring Day: Students urged to let hard work, integrity shine to advance career
6 hours -
2024/25 GPL: Vision FC opens campaign with draw against Berekum Chelsea
6 hours -
If Baba Yara pitch was good, Mumin clears the ball – Laryea Kingston
7 hours -
GPL 2024/25: Samartex begin title defence with draw against Dreams FC
7 hours -
Financing road construction and maintenance through a special fuel levy: A sustainable solution for Ghana’s road infrastructure
7 hours -
Ghana Celebrity Impact Awards 2024 launched to honor positive social influence
8 hours