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Ghana: CBDC ‘presents a great opportunity…’



source: Unsplash

It’s season of Central bank digital currencies (CBDCs). According to the official press release, The Bank of Ghana took a step forward to pilot a general-purpose central bank digital currency (CBDC). The bank collaborated with German banknote and securities printing company Giesecke+Devrient (G+D) to utilize its CBDC solution named Filia. The report added:

“G+D is providing the technology and developing the solution adapted to Ghana’s requirements, which will be tested in a trial phase with banks, payment service providers, merchants, consumers, and other relevant stakeholders.”

Meanwhile, G+D will provide its proprietary CBDC solution (Filia) to test the allocation of a digital form of Ghana’s national currency, the cedi or “e-cedi”. This project marks the significance of Ghana’s digitization strategy, the “Digital Ghana Agenda,” aimed at digitizing data and government services for the country of 30 million people. Eventually, the e-Cedi will serve to complement physical cash as a digital alternative. The initiative is geared towards helping those without bank accounts or smartphones.

Dr. Ernest K. A. Y. Addison, Governor of Bank of Ghana, stated that

“CBDC presents a great opportunity to build a robust, inclusive, competitive and sustainable financial sector, led by the Central Bank. From all indications, the concept has a significant role to play in the future of financial service delivery globally. This project is a significant step towards positioning Ghana to take full advantage of this emerging concept.”

Dr. Wolfram Seidemann, CEO of the Giesecke+Devrient Currency Technology business sector opined:

“Central banks around the world are exploring the introduction of digital money as legal tender. The Ghanaian government is one of the first African countries now entering a pilot phase. We are proud to support Ghana with our technology and expertise.”

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.