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The Central Bank of Ghana confirms that it is still interested in issuing a digital currency

June 10, 2020

The Bank of Ghana (BoG) remains committed to the Central Bank’s digital currency pilot (CBDC).said the bank’s first deputy governor.

Dr. Maxwell Opoku-Afari spoke to stakeholders about payment systems and services during a virtual workshopAccording to a June 8 GhanaWeb report.

In the spring of this year The Central Bank set up an office for technology and innovation to promote the development of national industry. In recent years, the company has adjusted its organizational structure to respond to the most important changes in payment transactions.

The Central Bank of Ghana confirms that it is still interested in issuing a digital currencyThe Central Bank of Ghana confirms that it is still interested in issuing a digital currency

Despite these approaches to promoting electronic cash transactions, Opoku-Afari emphasized this Bank-specific pilot plans for CBDC remain robust.

The Bank of Ghana announced interest in a CBDC last fall

As stated in the report, The Board of Governors established a payment systems department in 2016 and has since promoted a number of digital interbank payment systems in the country.

Opoku-Afari argued this when examining the institution’s previous initiatives The BoG has consistently shown that “leadership and foresight in creating an environment for competitive, innovative and inclusive development of the financial sector” are..

As reported The Bank of Ghana has also authorized the Commercial Bank of Ghana to issue electronic money and for the first time expressed interest in creating a CBDC in autumn 2019..

The governor of the Bank of Ghana, Ernest Addison, then announced this The CBDC would be developed in a legal frameworkwith the declared “opportunity to issue an E-Cedi in the near future”.

CBDCs outside of Ghana

The World Bank’s plan reflects growing interest in CBDCs on the continentand the National Bank of Rwanda has announced its own investigations into the issue of a digital currency to increase transaction efficiency and promote economic growth.

In a global context China has made progress in recent pilot projects for its digital yuan in several citieshas yet to announce a fixed schedule for the nationwide introduction of the currency.