Ghana Partners With Giesecke+Devrient to Pilot Digital Currency

Bank of Ghana signs agreement with the Munich-based tech company to implement a pilot central bank digital currency project as a precursor to the issuance of a digital form of the cedi, according to a statement from the regulator.

* G+D is providing the technology and developing the solution adapted to Ghana’s requirements
* It will be tested in trial phase with banks, payment service providers, merchants, consumers and relevant stakeholders
* The e-Cedi is intended to complement and serve as a digital alternative to physical cash
* The project is part of the Digital Ghana Agenda, which involves the digitization of the country of 30 million people
* The project is seen “driving the cashlite agenda through promotion of diverse digital payments while ensuring a secure and robust payment infrastructure”
* “The central bank digital currency presents a great opportunity to build a robust, inclusive, competitive and sustainable financial sector, led by the central bank,” Governor of the Bank of Ghana Ernest Addison says in the statement

Source: Bloomberg