November 27, 2022

Ghana will digitize the national currency

Ghana will digitize the national currency

Ghana Bank Governor Ernest Addison said the republic is exploring the prospects of issuing a digital counterpart to the national currency.

According to an economist, the Central Bank is collaborating with keystakeholders to develop a CBDC pilot project. Initially, the system will be launched in the "sandbox", and after testing, they will consider the possibility of emission of electronic sedi.

The issue of digital currency will be undertaken by the Commercial Bank of Ghana, the country's largest private bank. He will have to not only create electronic money, but also provide them the equivalent amount of cash so that customers can get free access to mobile wallets.

Speaking at the National Banking Conference,Ernest Addison did not go into technical details, so it is not known for sure whether blockchain technology will be applied. However, he said that the pilot project will be implemented as part of a national program to digitize the financial sector.

In conclusion, he added that the initiative aims to increase the stability of banking.

Ghana is not the first African country that plans to issue its own digital currency. Similar plans were also announced in August by the Central Bank of Rwanda.