Ghana’s Central Bank is considering to issue its CBDC

The Bank of Ghana is considering to issue its central bank-backed digital currency. The central bank of the African country is considering the issue of digital currency to complement the growth in electronic payment systems.

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According to the Bloomberg report, The Bank of Ghana will start a pilot project and may issue a digital version of the cedi in the near future. The governor of The Bank of Ghana, Ernest Addison, announced the news at an annual banking conference on Tuesday, revealing that the bank is in discussion with “key stakeholders” to explore a digital currency pilot project.

 

Ghana to issue an e-cedi in the near future.

The governor further revealed that they are planning to explore a digital currency pilot project with the possibility of issuing an e-cedi in the near future. Addison also explained that the effort is aimed at complementing the growth in electronic payments in Ghana, such as mobile money.

Addison revealed that mobile money transaction volumes increased from 982 million in 2017 to 1.4 billion in 2019.

 

Several other countries are also planning to issue CBDC.

China is all set to launch its central bank digital currency. The People’s Bank of China has not confirmed the timeline as to when the digital Yuan (DEM) will be issued, but it is expected to launch soon. Recently, the US Federal Reserve also showed interest in issuing a CBDC. Canada, Turkey and Russia are other countries that are considering to issue their CBDCs.

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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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