Ghana’s central bank is set to begin the first of a three-pilot-phased rollout for the nation’s digital currency in September this year.
The currency which is known as the e-cedi is expected to operate in a sandbox interim and hinged on advancing financial inclusion and facilitating trade towards a cash-lite economy.
First deputy governor of the Bank of Ghana, Dr Maxwell Opoku-Afari, providing details at a workshop for Business Journalists said the digital currency when fully adopted will outline the use of other digital currencies.
“Digital Currency is part of the central bank acknowledging the need for digital payment and digital delivery of financial services. By this, the Bank of Ghana will provide a platform on which we can add more value to digital transactions,” Dr Opoku-Afari said.
“We have to take out time to design it with all the security features and so have started it in a pilot phase through what we call a sand-box to learn lessons before we open it up to the general public,” he added.
He continued, “The central bank’s digital currency is FIAT money, it is cash on its own so that the financial institution like the banks and FinTechs will be able to create value addition on the digital cash.”
Dr Opoku-Afari, however, assured of the central bank’s resolve in ensuring the viability of the e-Cedi before introducing it to the general public as legal tender for financial transactions.