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Ghana’s First Digital Currency e-Cedi To Roll Out In September

News

July 16, 2021, 2:41 p.m.

Ghana’s first digital currency will be called e-Cedi and its pilot phase will begin in September.

The Bank of Ghana explains that the currency would operate in a sandbox interim, which will facilitate the advancement of financial inclusion and trade towards a cash-lite economy.

The bank also assured that they will ensure the viability of the e-Cedi before introducing it to the general public as legal tender for financial transactions.

The First Deputy Governor of the BoG, Dr. Maxwell Opoku-Afari, explains that when fully adopted, the digital currency will outline the use of other digital currencies.

"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."

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"We have to take out time to design it with all the security features and so have started it in a pilot phase through what we call a sandbox to learn lessons before we open it up to the general public," Dr. Opoku-Afari added.

He continued, "The central bank's digital currency is FIAT money; it is cash on its own so that the financial institution like the banks and FinTechs will be able to create value addition on the digital cash."

The First Deputy Governor also disclosed that Ghana’s response to the COVID-19 pandemic has been decisive and broad-based, with both the fiscal and monetary authorities implementing complementary measures to tackle the effects of the pandemic.

“The response was in many respects, similar to the policies implemented elsewhere in the world.”

“Government, in particular, adopted a ‘whatever it takes” stance to minimize the impact of the pandemic, culminating in some ¢21 billion Covid-19-related expenditure in 2020,” he said.

tag: digital Currencies, Fintech, BoGs,

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