06-11-2020 icon

Bank of Ghana Affirms Interest in Digital Currency

By Sagetwriter
Bank of Ghana Digital Currency

The Bank of Ghana (BOG) has confirmed it remains committed to piloting a central bank digital currency (CBDC).

Speaking at a recent virtual stakeholders workshop on payment systems and services, BOG first deputy governor Dr Maxwell Opoku-Afari said the bank is still considering development of a virtual currency.

Dr Afari noted that the CBDC remains a key aspect or the banks “cash-lite” agenda, and despite the introduction of several policies to promote electronic cash transactions, the bank is open to promoting innovation in the market and testing concepts such as a Central Bank Digital Currency.

Bank of Ghana Launches Fintech Office

The deputy governor’s comments come weeks after Ghana’s Central Bank established a Fintech and Innovation Office with a mission a to focus on development and changes to its local payments sector.

Opoku’s comments further indicate the bank’s CBDC plans are in place following a previous announcement to issue a test e-Cedi in November 2019.

On a regional scale, other African nations including Rwanda, Egypt have drafted plans to study and test digital currencies.

What country would launch Africa’s first CBDC? Share in the comments.