E-Cedi

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The E-Cedi is a proposed central bank digital currency (CBDC) for Ghana. Dr. Ernest Addison is the Governor of the Bank of Ghana. In June 2021, he announced the development of the E-Cedi.

CBDC currencies are digital currencies that digitize a country's fiat currency. Electronic tokens backed by the Ghana, government will replace coin minting or printing paper notes.[1][2][3][4]

History[]

The E-Cedi is part of a project called the 'Digital Ghana Agenda'. Its goal is the digitization of Ghana's 30 million people, and government services. The E-Cedi is to complement the Ghanaian cedi, and serve as an alternative to physical cash, and the 'Cashlite Agenda'.[5] The three phases for the E-Cedi are design, implementation, and piloting. The E-Cedi will be used on mobile applications and other apps. The Bank of Ghana partnered with , a fintech startup with its focus on central banks and digital transformation for the banking sector. Emtech is a software that tests solutions including the blockchain.

On August 20, 2021, the President of Ghana Nana Akufo-Addo stated that the E-Cedi introduced by the Bank of Ghana, “will completely transform the architecture of our payment system and deepen financial inclusion, support inclusive and shared growth for our people”.[6]

On August 28, 2021, at the 40th anniversary celebration of , at Mamfe Akuapem in the Eastern Region, Dr. Ernest Addison the Governor of the Bank of Ghana (BoG), stated that Ghana is on track to introduce its digital currency, the E-Cedi. The E-Cedi he said will be the first general-purpose Central Bank Digital Currency in Africa.

In September 2021, the BoG went into the pilot stage of the E-Cedi. The E-Cedi will have products and services to bridge the gap between the banked and the unbanked.[7]

On September 30, 2021, Ghana announced being in the advanced pre-design stages of a state-backed digital currency, which will make Ghana one of the first African countries to develop a state-backed digital currency.[8][9]

In October 2021, Kwame Oppong, head of fintech and innovations for the Bank of Ghana, announced at the Ghana Economic Forum that the bank would facilitate offline transactions with E-Cedi.[10][11][12][13]

External links[]

References[]

  1. ^ "Bank of Ghana to pilot digital currency 'e-Cedi' as a payment system". The Ghana Report. 2021-08-12. Retrieved 2021-10-19.
  2. ^ Giacomazzo, Bernadette (2021-06-14). "Ghana Is Launching A New Digital Currency Called The E-Cedi – Here's What You Need To Know". AfroTech. Retrieved 2021-10-19.
  3. ^ "Ghana's E-Cedi: What you need to know about the Digital Currency". GhanaWeb. 2021-08-28. Retrieved 2021-10-19.
  4. ^ "E-cedi: Bank of Ghana to pilot digital currency (VIDEO)". Graphic Online. Retrieved 2021-10-19.
  5. ^ "User base for Ghana's digital currency much wider than Bitcoin". The Africa Report.com. 2021-07-20. Retrieved 2021-10-19.
  6. ^ "'Excellent' BoG's e-cedi'll deepen financial inclusion, support growth – Akufo-Addo". www.classfmonline.com. 2021-08-23. Retrieved 2021-10-19.
  7. ^ https://www.myjoyonline.com/piloting-of-e-cedi-set-to-take-off-digital-currency-can-be-saved-on-smart-devices/
  8. ^ "Central Bank Digital Currency (CBDC) Tracker". Central Bank Digital Currency (CBDC) Tracker. Retrieved 2021-10-19.
  9. ^ Steffie, Ann (2021-09-30). "Ghana's E-cedi: Everything you need to know about Ghana's digital currency". Yen.com.gh - Ghana news. Retrieved 2021-10-19.
  10. ^ "Ghana Pilots Digital Currency E-cedi". BENJAMIN DADA | Impressive reporting on tech in SSA. 2021-08-16. Retrieved 2021-10-19.
  11. ^ Segbefia, Sedem (2021-06-21). "The e-cedi will be the digital version of Ghana Cedi". The Business & Financial Times. Retrieved 2021-10-19.
  12. ^ "Ghana Seeks to Ensure E-Cedi Digital Currency Can Be Used Offline". Bloomberg.com. 2021-10-18. Retrieved 2021-10-19.
  13. ^ "Bank of Ghana to Commence "Digital Cedi" Pilot In September". Tech Nova. 2021-07-12. Retrieved 2021-10-19.
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