Bank Of Ghana, German Firm Partner To Create Digital Currency

The Bank of Ghana has signed an agreement with a German firm, Giesecke Devrient to implement its pilot central bank digital currency project.

According to Bitcoin, this is a prelude to the e-cedi digital currency that is set to be tested with banks, payment service providers, merchants, consumers and other relevant stakeholders.

Ghanaian central bank said in a statement that Giesecke Devrient would provide the technology and a solution that suits the country’s requirements.

It also stated that during the trial phase, a study seeking to look at the acceptance of the e-cedi from the end users’ perspective would be undertaken.

The central bank said the impact of the pilot on monetary policy and payment systems as well as the legal implications would be evaluated, adding that it would use valuable lessons learnt from the pilot user experiences during the rollout of the e-cedi.

The Central Bank’s Governor, Ernest Addison, noted that, “The CBDC presents a great opportunity to build a robust, inclusive, competitive and sustainable financial sector, that is 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.”

Addison stated that the pilot CBDC project was a part of Digital Ghana Agenda – an initiative to digitise the nation’s over 30 million people as well as government services.