The Bank of Ghana has confirmed that its e-Cedi central bank digital currency (CBDC) is at an advanced stage.
Currently, the Bank of Ghana is at the implementation phase of the e-Cedi and looking to move into the pilot stage for a feasibility study among a select few.
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Speaking at a press conference, Ernest Addison, Governor, Bank of Ghana, said:
“The first phase was really on the design of electronic money and the team working on it has gone quite far and are looking at the implementation phase.
After this, we will have a pilot phase where a few people will be able to use the e-Cedi on mobile applications and other payment applications currently running.
From the pilot we will be able to determine if this is feasible.”
– Governor, Bank of Ghana
Despite its hard stance against cryptocurrencies, the bank of Ghana was among the first African banks to declare that was working on a central bank digital currency (e-Cedi).
This latest announcement from the Governor now puts Ghana among the leading countries in Africa currently building a CBDC.
Recently, the Reserve Bank of South Africa (RBSA) announced that it has commenced a study to investigate the feasibility, desirability, and appropriateness of a central bank digital currency (CBDC) as electronic legal tender, for general-purpose retail use, complementary to cash.
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RECOMMENDED READING: The Bank of Mauritius Confirms Plans to Pilot a Central Bank Digital Currency (CBDC) in 2021
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