The governor of Ghana’s central bank, Ernest Addison, has said his institution is now “in the advanced stages of introducing a digital currency.” However, before its release into circulation, the digital currency—which is also known as the “e-cedi”— will first have to go “through three phases.”
Bank of Ghana’s Embrace of Emerging Fintechs
In his comments during a news conference on May 31, Addison also reiterated the Bank of Ghana (BOG)’s desire to maintain its reputation as Africa’s leader when it comes to embracing emerging financial technologies.
Ghana’s central bank governor, Ernest Addison.
“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.
Meanwhile, one local media report quotes the BOG chief explaining the key phases which the digital cedi is expected to pass through before its release to the public. As Addison notes, the digital cedi has