Bank of Ghana (BoG) has announced that it would issue the first set of a three-pilot-phased nation’s digital currency come September this year.
BoG’s First Deputy Governor, Dr. Maxwell Opoku-Afari said the digital currency would be known as e-cedi.
According to him, the currency would operate in a sandbox interim and will hinge on advancing financial inclusion and facilitating trade towards a cash-lite economy.
Dr Maxwell Opoku-Afari further noted that the digital currency, when fully adopted, 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.”
He added that the financial body will take out time to design it with all the security features and so have started it in a pilot phase through what it calls a sandbox to learn lessons before it is opened up to the general public.
He continued to say that 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,” Dr. Opoku-Afari added.
The Deputy Governor also assured of the central bank’s resolve in ensuring the viability of the e-Cedi before it is introduced to the general public as a legal tender for financial transactions.
This comes at a time when the Bank of Ghana has repeatedly stated that the cryptocurrency known as Bitcoin is not yet legal to trade and use in the country as it is not recognised as a legal currency in the country.
