Bank of Ghana Purportedly Moving Towards CBDC Pilot

The Bank of Ghana is purportedly moving forward to introduce a CBDC pilot. Speaking during a recent news conference in Ghana’s capital, Accra, Ernest Addison, the governor of the nation’s central bank divulged that the Bank of Ghana was in the advanced phases of framing a central bank digital currency.

As part of his speech, Addison mentioned that the designed e-cedi will pass through developmental and assessment stages before a conclusion will be made on a national rollout.

As per the Bank of Ghana governor, the concluding phase will involve a pilot assessment to settle matters regarding feasibility before the central bank digital currency goes into national circulation.

The central bank governor mentioned,

“From that pilot, we will be able to determine whether this is feasible and what sort of things need to be tweaked to make it work effectively.”

For Addison, the nation is looking to establish central bank digital currency development on the continent. He stated,

“The Bank of Ghana was one of the first African Central Banks to declare that we were working on a digital currency looking at the concept of an e-cedi.”

Moreover, Addison called for more attention on central bank-issued digital currency which the Bank of Ghana governor recognized as being a better form of virtual currency as compared to crypto assets.