Bank of Ghana’s deputy governor reveals CBDC pilot phase will start in September.

The deputy governor of the Bank of Ghana has said that the proposed CBDC is similar to fiat currencies, and the pilot phase will start in September this year.

According to the local news outlet GhanaWeb report, the deputy governor of the Bank of Ghana, Maxwell Opoku-Afari, has revealed that Ghana will start piloting the digital cedi in a sandbox environment in September 2021. Earlier this year, it was reported that the Bank of Ghana was in the advanced stages of introducing a digital currency. The West African country has joined the list of countries that are advancing with their CBDC project. 

 

“Digital cedi would enhance digital transactions in the country.”

Opoku-Afari suggested that digital currency would enhance digital transactions in the country. According to one report, Opoku-Afari said, “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.” The first deputy governor also explained that the BOG had taken its time to design a digital currency that comes with “all the security features.” 

 

Global financial regulators champion CBDCs at the G20 summit. 

Earlier, the International Monetary Fund, the World Bank, and the Bank of International Settlements (BIS) in a joint report proposed to the G20 that a cross-border network of central bank digital currencies (CBDCs), underpinned by efficient technological integration and proactive international cooperation, could be of significant benefit to the world economy. Major central banks across countries are actively exploring CBDC options. The global financial regulators’ joint report focuses on broadening the horizon beyond central banks’ individual studies of CBDCs for domestic needs, emphasizing that it is crucial to coordinate work at a global scale. BIS has backed central banks exploring CBDC. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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