Ghana Considers Issuing Central Bank Digital Currency

The Republic of Ghana is exploring issuing a central bank digital currency (CBDC), according to the governor of the country’s central bank.

On Nov. 26, in a keynote address within the 23rd National Banking Conference, Ernest Addison revealed that the bank is working with key stakeholders to explore a pilot CBDC project. Addison is currently serving as the governor of the Bank of Ghana (BoG).

Digitizing The Financial And Banking Sector of Ghana

The CBDC project would be carried out in a sandbox “with the possibility of issuing an e-cedi in the near future.” The cedi is Ghana’s national fiat currency.

However, there was no mention of whether the digital currency would be based on blockchain technology.

The BoG governor claimed that the CBDC pilot falls in line with the national effort to digitize the financial and banking sector. “Digital financial technologies will continue to define the future of our banking experience.”

The governor claimed that in Ghana the transaction of mobile money volumes increased from 982 million in 2017 to 1.4 billion in 2018.

“This consistent growth pattern underscores the sustainable nature of opportunity for the banking sector,” the governor concluded.

Source: Bank Of Ghana| Cointelegraph

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