Ghana has now officially joined a long list of countries that are considering issuing a central bank digital currency (CBDC) for the country’s official currency, Cedi. Ghanaian authorities are currently neck-deep in exploring the possible advantages of a CBDC, leading up to its decision to eventually float one.
According to the governor of the Bank of Ghana (BoG) Ernest Addison during his keynote address at the 23rd National Banking Conference, quite a few related parties are involved in the consideration and there’s a good chance there will be an “e-cedi in the near future.”
Speaking on the growth of Ghana’s banking industry, Addison has said that 2019 has led to a “resilient and rejuvenated banking sector.” The governor says that the banking and finance system is a lot more profitable, well-capitalized and liquid, features that show stability, and also that the sector is ready for more growth.
Addison also spoke about digital technologies endorsing them as the future of the country’s banking experience, further highlighting an increase in the volume of mobile money transactions to 1.4 billion from 982 million.
Back in August, Rwanda also made a similar announcement, revealing that it was also exploring the possibility of floating its own CBDC in a bid to process transactions much faster.
Image Credits: Pixabay
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