Finance:E-Cedi

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Short description: Ghana digital currency

Dr. Ernest Addison is the Governor of the Bank of Ghana, in Ghana. In June 2021, he announced the development of E-Cedi. The E-Cedi will be a Central bank digital currency (CBDC). CBDC currencies are digital currencies that digitize a country's. Fiat money currency. Electronic tokens backed by the Ghana, government. Which will replace coin minting or paper notes.[1][2] [3] [4]

History

The E-Cedi is part of a project in Ghana called 'Digital Ghana Agenda'. Its goal is the digitization of Ghana's 30 million people, and government services. The E-Cedi is to complement the Ghanaian cedi, and serve as an alternative to physical cash, and the 'Cashlite Agenda'.[5][6] The three phases for the E-cedi are design, implementation, and piloting. The E-Cedi will be used on mobile applications and other apps. The Bank of Ghana partnered with EMTECH. EMTECH is a Fintech startup with its focus on Central Banks and digital transformation for the banking section. Emtech EMTECH is a software that tests solutions including the blockchain.

In July 2021, Mahamudu Bawumia, the Vice President of Ghana announced at the opening ceremony of the Fifth Ghana International Trade and Finance Conference in Accra, Ghana, that the Ghana Government was giving legal and credibility support to the Central Bank of Ghana for the creation of a government Digital Currency. He suggested that African governments should explore ways to facilitate digital currencies to enhance intra-African trade. Which would facilitate and improve easier African country cross-border payments.[7]

August 17, 2021, CoinGeek wrote that Ghana in a press release had partnered with Giesecke+Devrient (G+D) to pilot test the e-cedi project. G+D is based in Munich, Germany , that prints banknotes, securities printings, smart cards, and cash handling systems.[8]

August 20, 2021, The President of Ghana Nana Akufo-Addo stated that the E-Cedi introduced by the Bank of Ghana, “will completely transform the architecture of our payment system and deepen financial inclusion, support inclusive and shared growth for our people”.[9]

August 28, 2021, at the 40th anniversary celebration of Akuapem Rural Bank Limited, at Mamfe Akuapem in the Eastern Region, Dr. Ernest Addison the Governor of the Bank of Ghana (BoG), stated that Ghana is on track to introduce Ghana's digital currency, the E-Cedi. The E-Cedi he said will be the first general purpose Central Bank Digital Currency in Africa.

In September 2021, the BoG went into the pilot stage of the digital E-Cedi. The E-Cedi will have products, and services to bridge the gap between the banked, and the unbanked. [10]

September 30, 2021 Ghana announced being in advanced stages of a State backed digital currency, Which will make Ghana one of the first African countries to develop a State backed digital currency.[11][12][13]

October, 2021, Kwame Oppong head of fintech and innovations for the Bank of Ghana announced at the Ghana Economic Forum that the bank would facilitate offline transactions for E-Cedi. The E-Cedi will need for power or connectivity. [14] Central Bank Digital Currency (CBDC) are currencies that digitize a country's fiat currencies. Electronic tokens that are backed by governments. Which in Ghana can replace coin minting or paper notes.[15][16][17][18]

External Link

See also

References

  1. ↑ "Bank of Ghana to pilot digital currency 'e-Cedi' as a payment system" (in en). 2021-08-12. https://www.theghanareport.com/bank-of-ghana-to-pilot-digital-currency-e-cedi-as-a-payment-system/. 
  2. ↑ Giacomazzo, Bernadette (2021-06-14). "Ghana Is Launching A New Digital Currency Called The E-Cedi – Here's What You Need To Know" (in en). https://afrotech.com/e-cedi-ghana-digital-currency. 
  3. ↑ "Ghana's E-Cedi: What you need to know about the Digital Currency" (in en). 2021-08-28. https://www.ghanaweb.com/GhanaHomePage/business/Ghana-s-E-Cedi-What-you-need-to-know-about-Ghana-s-Digital-Currency-E-Cedi-1343332. 
  4. ↑ "E-cedi: Bank of Ghana to pilot digital currency (VIDEO)" (in en-gb). https://www.graphic.com.gh/business/business-news/e-cedi-bank-of-ghana-to-pilot-digital-currency.html. 
  5. ↑ "User base for Ghana's digital currency much wider than Bitcoin" (in en-US). 2021-07-20. https://www.theafricareport.com/109701/user-base-for-ghanas-digital-currency-much-wider-than-bitcoin/. 
  6. ↑ "Bank of Ghana To Launch Pilot CBDC Project In Partnership With German Technology Firm" (in en-US). 2021-08-15. https://bitcoinist.com/bank-of-ghana-to-launch-pilot-cbdc-project-in-partnership-with-german-technology-firm/. 
  7. ↑ Calvin (2021-07-30). "[WATCH 'The Ghanaian Government is Ready to Give Needed Credibility and Legal Backing for e-Cedi CBDC Usage,' Says Vice President"] (in en-US). https://bitcoinke.io/2021/07/ghana-vice-president-digital-currencies-the-way-to-go/. 
  8. ↑ "Ghana central bank partners with German firm for CBDC pilot test" (in en-US). 2021-08-17. https://coingeek.com/ghana-central-bank-partners-with-german-firm-for-cbdc-pilot-test/. 
  9. ↑ "'Excellent' BoG's e-cedi'll deepen financial inclusion, support growth – Akufo-Addo" (in en). 2021-08-23. https://www.classfmonline.com/business/Excellent-BoG-s-e-cedi-ll-deepen-financial-inclusion-support-growth-Akufo-Addo-26668. 
  10. ↑ https://www.myjoyonline.com/piloting-of-e-cedi-set-to-take-off-digital-currency-can-be-saved-on-smart-devices/
  11. ↑ "Central Bank Digital Currency (CBDC) Tracker" (in en). https://cbdctracker.org/currency/ghana-e-cedi. 
  12. ↑ Steffie, Ann (2021-09-30). "Ghana's E-cedi: Everything you need to know about Ghana's digital currency" (in en). https://yen.com.gh/193883-ghanas-e-cedi-everything-ghanas-digital-currency.html. 
  13. ↑ Nova, Tech (2021-10-11). "Explained: Ghana's "E-Cedi" Digital Currency" (in en). https://medium.com/@TechNovaGh/explained-ghanas-e-cedi-digital-currency-3f2ed37e005a. 
  14. ↑ "Ghana Wants to Make Its CBDC Available for Use Offline: Report". 18 October 2021. https://www.coindesk.com/policy/2021/10/18/ghana-wants-to-make-its-cbdc-available-for-use-offline-report/. 
  15. ↑ "Ghana Pilots Digital Currency E-cedi" (in en). 2021-08-16. https://www.benjamindada.com/ghana-pilots-digital-currency-e-cedi/. 
  16. ↑ Segbefia, Sedem (2021-06-21). "The e-cedi will be the digital version of Ghana Cedi" (in en-GB). https://thebftonline.com/21/06/2021/the-e-cedi-will-be-the-digital-version-of-ghana-cedi/. 
  17. ↑ "Ghana Seeks to Ensure E-Cedi Digital Currency Can Be Used Offline" (in en). Bloomberg.com. 2021-10-18. https://www.bloomberg.com/news/articles/2021-10-18/ghana-seeks-to-ensure-its-digital-currency-can-be-used-offline. 
  18. ↑ "Bank of Ghana to Commence "Digital Cedi" Pilot In September" (in en-US). 2021-07-12. https://technovagh.com/bank-of-ghana-to-commence-digital-cedi-pilot-in-september/. 




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