The deputy governor, Bank of Ghana, Maxwell Opoku Afari revealed that the country Apex banking regulatory body has reached advanced stage in the launch of Ghana native digital currency E-Cedi.
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He made revelation at a media symposium put together by Journalist for Business Advocacy (JBA) with the theme, ” Understanding Monetary Policy in Post Endemic Era.”
Speaking to the media, the central bank deputy governor, lauded the technology behind digital currency, applauding the efficiency and financial inclusiveness of digital currency. On the steps so far taken by the apex bank towards realising this goal, he 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.”
On the time frame he noted, “The piloting phase is expected to start by September and the success rate will determine the step. We will continue to keep the sand-box to promote innovation.” Mr Maxwell Afari said that the digital currency will be fiat money.
The apex bank noted that it is open and willing to ensure that the innovation becomes a reality stressing the benefits further, “Digital Currency is part of the central bank acknowledging the need for digital payment and digital delivery of financial services, this is formally to get into that space and be able to provide a platform on which we can add more value to digital transactions.”
Recall that in June, governor Bank of Ghana, Dr Ernest Addison, became the first African Central Bank governor to announce interest in creating a national didgital currency for the country. In a conference organized by Bank of Ghana on June 3rd he stated the phases and progress achieved thus far, ”
“Yes, we are quite advanced in that process. As you know, with these types of things, you have to go at it in phases and the first phase was really on the design of the electronic money and the team that has gone quite far in the design phase, they are looking at the implementation phase”.
With this development, Ghana is leading other African nation in embracing digital currency.