BoG has not abandoned eCedi project - BoG Governor assures
Dr. Johnson Asiama, Governor of the Bank of Ghana (BoG), says the central bank has not abandoned the eCedi project. Speaking after the Monetary Policy Committee meeting, Dr. Asiama said the Bank of Ghana remains committed to the central bank digital currency initiative but wants to undertake more pilot programmes before any full-scale rollout. "We have not abandoned the eCedi project," the Governor stated.
The central bank is interested in how the digital currency can be used to facilitate faster and more efficient cross-border settlements for businesses operating within the sub-region. "We are concerned about how we can deploy that for cross-border settlement to improve trade for businesses," he explained. Additional testing and stakeholder engagement are necessary to ensure the platform is secure, efficient and aligned with the needs of the financial system.
The Bank of Ghana continues to study global developments in central bank digital currencies while working with industry players and international partners to refine Ghana's approach. "We need more pilots for the eCedi to better understand its practical application and impact on the economy," he added. The eCedi initiative is expected to complement existing digital payment systems and support the country's broader digitalisation agenda.
Quick Summary
Bank of Ghana (BoG) Governor, Dr. Johnson Asiama, addressed the eCedi project after a Monetary Policy Committee meeting. Authorities are exploring ways the digital currency can support cross-border payments and improve trade - but what challenges remain?
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