Ghana’s first digital currency ready for piloting in September – BoG

The Bank of Ghana is ready to begin the pilot phase for the first digital currency known as the ‘e-cedi’ by September this year.

Also known as the Central Bank Digital Currency, it is expected to operate in a sandbox in the interim before introducing it to the general public as legal tender for financial transactions.

First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku Afari told Journalists that this new currency will help shape the use of other digital currencies like the cryptocurrency.

Speaking to some selected members of the Journalists for Business Advocacy at a capacity building program on monetary policy, he said “it is cash on its own which means it will not be backed by any money but just like the normal paper cash”.

The First Deputy Governor also disclosed to the group that Ghana’s response to the COVID-19 pandemic has been decisive and broad-based, with both the fiscal and monetary authorities implementing complementary measures to tackle the effects of the pandemic.

“The response was in many respects, similar to the policies implemented elsewhere in the world.”

“Government, in particular, adopted a ‘whatever it takes” stance to minimize the impact of the pandemic, culminating in some ¢21 billion Covid-19-related expenditure in 2020,” he said.

The theme for the program was “Understanding monetary policy in a post-pandemic era”.

President of the Journalists for Business Advocacy, Suleiman Mustapha sought for more collaboration between Journalists and the Bank of Ghana in disseminating policy issues to the general public in simple terms that are easily understandable.

Source: myjoyonline