The Bank of Ghana (BOG) announced it had signed an agreement with Giesecke Devrient (GD) to implement the central bank’s digital currency (CBDC) pilot project. This pilot CBDC, a precursor to the e-Cedi digital currency, will be tested with banks, payment service providers, traders, consumers and other relevant stakeholders.
Pilot stage training
A press release from the central bank of Ghana states that GD will need a technology and solution that meets Ghana’s requirements. In the press release, it adds that there will be work in the pilot phase to adopt e-Cedi from an end-user perspective.”
There will be an assessment of the impact of CBDC on monetary policy and payment systems, as well as the legal implications. In contrast, BOG says that when it publishes an e-Cedi, pilot users will learn valuable lessons from their experience.
Cbdc mission in Ghana
The press release said Marsh Governor Ernest Addision spoke about the potential impact of e – cedi on Ghana’s economy and described how his country would benefit from it. Said::
[CBDC] provides an excellent opportunity to build a reliable, inclusive, competitive and sustainable financial sector managed by the Central Bank. All the data show that the concept plays an important role in the future of financial services worldwide. This project is an important step towards positioning Ghana and makes it possible to take full advantage of this new concept.
Marsh, meanwhile, reported in a press release that the cbdc pilot project was part of “Ghana’s digital agenda,” an initiative aimed at decimating “30 million people and public services in the country.”
In contrast, E-cedi is designed as an October supplement to physical money and a digital alternative. It is also designed to facilitate payments without a bank account, contract or smartphone, thereby expanding the use of digital services and finance.
