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Ghana to partner German company to pilot electronic cash: Central Bank

ACCRA, (The Southern African Times) – Ghana is to partner with a German technology company to start piloting its proposed electronic currency from September, the Bank of Ghana said Wednesday.

The Bank of Ghana disclosed in a release that it had signed an agreement with Giesecke + Devrient, a German firm, to implement the pilot Central Bank Digital Currency (CBDC) project as a precursor to the issuance of a digital form of the national currency.

“The German technology firm will provide the technology and develop the solution adapted to Ghana’s requirements, and test this in a trial phase with banks, payment service providers, merchants, consumers, and other relevant stakeholders,” said the release.

It added that the digital Cedi would complement and serve as a digital alternative to the physical cash to drive the country’s cash-lite agenda through promoting diverse digital payments to ensure a secure and robust payment infrastructure.

The bank said the electronic currency would also facilitate payments without bank accounts, contracts, or smartphones “to boost the use of digital services and financial inclusion among all demographic groups.”

“The CBDC presents a great opportunity to build a robust, inclusive, competitive, and sustainable financial sector, led by the Central Bank. From all indications, the concept has a significant role to play in the future of financial service delivery globally,” said Ernest Addison, the governor of the Bank of Ghana.

“This project is a significant step toward positioning Ghana to take full advantage of this emerging concept,” he added.

The Bank of Ghana and its technology partner will undertake the project in three phases of design, implementation, and pilot, before a nationwide rollout. 

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