E-Cedi: Bank of Ghana to Pilot Digital Currency

E-Cedi: Bank of Ghana to Pilot Digital Currency

The Bank of Ghana is in the advanced stages of introducing a digital currency, the Governor of the central bank, Dr. Ernest Addison has disclosed.

According to Dr. Addison, the e-cedi will go through three phases before it goes into circulation.

He said in the final stage, a pilot would determine whether the digital currency will be feasible before it goes into circulation.

“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,” Dr Addison said on Monday at a news conference in Accra.

“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.