Bank of Ghana still working to introduce digital currency

Plans are far advanced for the Bank of Ghana to introduce a digital currency, according to a Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi.

Last month, the central bank announced plans to start a three-phased pilot of the currency to determine its feasibility and subsequent circulation.

Speaking to the media at a press conference organized by the Finance Ministry, Madam Awadzi, disclosed that more had been done in terms of assessing the viability of the e-Cedi.

We announced through our Governor the fact that we were exploring the launch of a central bank digital currency. Many central banks around the world have launched this. And we have launched a pilot to see whether we can have a digital currency. We believe that that holds a lot of promise for a cashless society going forward.”

She continued, “It’s still very early days yet. There’s a lot of work being done currently to study the area and see the feasibility of it for Ghana. And at the appropriate time, we’ll be able to announce what our findings are.”

Elsie Awadzi further reiterated the warning to the public that the activities of cryptocurrencies were currently not regulated because of their instability.

She stated that, “We have issued a public statement to the effect that we do not currently have a regulatory framework for cryptocurrency, and so we have warned the public. It’s an emerging area. We are still trying to understand the risk. We will in due course make our policy statement known.”

Crypto assets and others is a big concern from an AMLCFT standpoint around the world, and that is why we are being careful and warning the public to be careful. And that’s an area that we’ll continue to monitor very carefully,” she assured.

The Government of Ghana has been aggressively promoting a digital and cash-lite economy. Over the years, the adoption and growth of digital technologies, especially digital payment solutions, have created opportunities for businesses and individuals alike.

This is why Ghana’s central bank, the Bank of Ghana, has initiated plans to introduce a digital currency, known as the e-Cedi.

According to the Governor of the Bank of Ghana, this move will foster competition in the financial space, advance financial inclusion, and drive the nation towards a more cash-lite economy.