Bank of Ghana Still Interested In Creating a Digital Currency

Bank of Ghana’s first deputy governor, Dr. Maxwell Opoku-Afari speaking at a virtual stakeholder workshop on payment systems and services said the bank is still committed in creating a central bank digital currency(CBDC).

source: PNGitem

Just few weeks ago the Bank of Ghana established a Fintech and Innovation office to supervise and promote the activities of Fintech in Ghana. Over the past years the bank has continued to adapt to new trends in the payments industry. In 2016 Bank of Ghana created a Payment Systems Department to adequately supervise a growing mobile money sector, in addition to ensuring an effective digital interbank payments systems in the country.

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Ghana first announced an interest in creating an e-Cedi(a central bank digital currency) in 2019. Ernest Addison, a Ghanaian economist who is the serving governor of the Bank of Ghana (BoG) made this known while delivering a keynote address within the 23rd National Banking Conference on Nov. 26, 2019. Addison stated that the central bank digital currency project will be carried out in a sandbox “with the possibility of issuing an e-cedi in the near future.”