BY DAYO ADESULU
The Central Bank of Ghana has on Friday disclosed that the country is in the advanced stages of introducing its national digital currency.
Its Central Bank governor, Mr Ernest Addison, who stated this, added that before would release into circulation, the digital currency (e-cedi) will first have to go through three phases.
Addison during a news conference on May 31, said the Bank of Ghana (BOG)’s desire to maintain its reputation as Africa’s leader when it comes to embracing emerging financial technologies.
“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,” revealed Addison.
Addison said: ”The digital cedi has already gone through the initial phase which involved the design of the electronic money.
”Once this process is complete, the BOG will then move to the implementation stage. Addison explained.
”After the implementation phase, we have a pilot phase where a few people would be able to use the digital cedi on the mobile applications and other applications that are currently running.’ it will be this implementation stage that will help the central bank to determine the feasibility of the project.”
He continued, “I think there is a lot more emphasis on looking at digital money which is backed by the state, backed by the central banks. These private forms of money really are not able to perform the functions of money effectively.”