As part of government’s agenda for a cash-lite economy, the Governor of the Central Bank of Ghana, Dr. Ernest Yedu Addison has disclosed that the bank has begun the piloting of the country’s maiden digital currency dubbed E-cedi.
According to the governor, the piloting of the e-cedi is currently taking place at Sehwi Asafo in the Western North Region.
Speaking at the 6th Ghana CEO Summit on Monday, Dr. Addison explained that the e-cedi is a digital replica of the Ghana Cedi notes and coins. It is designed as retail token-based digital currency stored in a wallet which is convertible to Ghana cedis in the form of cash or deposit money.
He stated that the ratio for the conversion of the e-cedi to cash or deposit money is on a ratio of 1:1.
The governor further explained that the owner of this digital currency has the liberty to redeem them for the purposes of payment for goods and services adding that the outcome of the piloting phase of the e-cedi will determine its full implementation.
“So far, the usage and uptake of the offline version of the e-cedi is being piloted in a small town called Sefwi Asafo, in the Western North Region. Selected users in that community have been using the e-cedi for daily purchases such as food, groceries and drinks. The BoG will continue to work with these users to obtain the critical usage data that will inform the decision about the e-cedi’s future after the pilot,” Dr. Addison said whiles addressing the gathering of Chief Executive Officers in the country.
“These are clearly landmark events in providing digital leadership with the payment systems to lead to a digitalised economy in the near future,” the BoG boss said.