Central Bank Of Ghana Considering Issuing Its Own Digital Currency

Central Bank Of Ghana Considering Issuing Its Own Digital Currency

The governor of the Bank of Ghana (BoG), said in a keynote address that the country is exploring the possibility of issuing a central bank digital currency (CBDC).

 

Ernest Addison, an economist serving as governor of the BoG, gave the keynote address during the 23rd National Banking Conference, which was held on Tuesday November 26th at the Chartered Institute of Bankers in Ghana.

Per the transcript of his speech, Addison said the central bank was exploring the possibility of issuing its own digital currency.

He stated that the bank was “in discussion with key stakeholders” to look into the idea of a CBDC pilot project  (in a sandbox environment) “with the possibility of issuing an e-cedi in the near future.”

The governor said that a digital currency was in-line with the nation’s effort to modernize the financial and banking sector.

It is worthy of note that Ghana’s economy is not what it used to be before when the Cedi had no value. The exchange rate of the Cedi to dollar as at the time of this publication is 1 cedi for $0.18.

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