The Bank of Ghana is optimistic about the potential of its digital currency – the eCedi to boost financial inclusion in rural areas, saying, it would create a transaction history that commercial players can use – with consent – to begin offering products themselves.
Speaking on Ghana’s eCedi Pilot at Payments Canada Summit held in Toronto, First Deputy Governor, Dr. Maxwell Opoku-Afari, said Central Banks must remember that the Central Bank Digital Currency (CBDC) is a currency first and foremost, not a wallet for a channel, adding “that must have a human-centered design; that you must design for your country’s context; and must be aware that the process is resource intensive”.
He quoted a Barclays executive as saying “The Central Bank is really carving out a path that the bank can walk in and develop more business for themselves.”
He also stressed the importance of testing “Nigeria went straight to CBDC implementation. And I love them for doing that – but we can’t do that!”
As for the next steps, Dr. Opoku-Afari alluded to Ghana’s current economic difficulties and engagement with the International Monetary Fund but said “the eCedi is still “one of the things that we intend addressing and focusing on. So it is still an ongoing effort.”