BoG partners Giesecke+Devrient to pilot Africa’s maiden general purpose digital currency in Ghana

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The Bank of Ghana in collaboration with Giesecke+Devrient (G+D) is set pilot Africa’s first general-purpose Central Bank Digital Currency (e-cedi) in Ghana.

According to a joint press statement released by the Bank of Ghana, G+D is providing the technology and developing the solution adapted to Ghana’s requirements, which will be tested in a trial phase with banks, payment service providers, merchants, consumers and other relevant stakeholders.

The project, the Central Bank says, forms part of the Ghana’s ‘Digital Ghana Agenda’, which involves the digitization of the country of 30 million people and its government
services.

The digital Cedi, or the ‘e-Cedi’, is intended to complement and serve as a digital alternative to physical cash, thus driving the Ghanaian cashlite agenda through promotion of diverse digital payments, while ensuring a secure and robust payment infrastructure in Ghana.

It also aims to facilitate payments without a bank account, contract, or smartphone, by so doing boosting the use of digital services and financial inclusion amongst all demographic groups.

“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. This project is a significant step towards positioning Ghana to take full advantage of this emerging concept,” Governor of the Bank of Ghana, Dr. Ernest Yedu Addison said on Wednesday.

On his part, Dr. Wolfram Seidemann, CEO of the Giesecke+Devrient Currency Technology said “central banks around the world are exploring the introduction of digital money as legal tender. The Ghanaian government is one of the first African countries now entering a pilot phase. We are proud to support Ghana with our technology and expertise.”

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