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Ghana's Central Bank to Pilot CBDC in September, Calls It 'Cash on Its Own': Report

While no date has been given for the launch of a digital cedi, the deputy governor said its success would determine the next steps.

Jul 12, 2021 at 7:30 a.m. UTC
Updated Sep 14, 2021 at 1:23 p.m. UTC

The Bank of Ghana (BoG) is looking to pilot its central bank digital currency (CBDC) in two month's time.

BoG First Deputy Gov. Maxwell Opoku-Afari told local media the last phase before implementation of a digital cedi is "expected to start by September," Modern Ghana reported Friday.

Speaking to media at a workshop organized by the Journalists for Business Advocacy, the deputy governor also said the success rate of the bank's pilot would determine the next stages.

No definitive timeline for the potential launch of a digital cedi has yet been given.

BoG Gov. Ernest Addison said in June the pilot will be such that "a few people would be able to use the digital cedi on the mobile applications," CoinDesk reported at the time. Ghana's central bank says it is the first in Africa to say it was conducting work on a CBDC.

In February, Ghana’s central bank linked arms with digital transformation consortium Emtech in order to launch a sandbox focused on blockchain, CBDCs and financial inclusion. The governor said the bank would continue to keep the sandbox in order to "promote innovation."

Opoku-Afari also said its CBDC is fiat money, calling it "cash on its own," according to the report.

"Digital Currency is part of the central bank acknowledging the need for digital payment and digital delivery of financial services," the deputy governor said. This is formally to get into that space and be able to provide a platform on which we can add more value to digital transactions."

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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