Key Takeaways
- Ghana CBDC similar to Fiat currency says BOG chief
- CBDC deployment part of making Ghana a major stakeholder in global finance
- Other African nations show interest in developing CBDC
Ghana had earlier revealed in the first quarter of the year that it was preparing a digital currency. At the time, the Bank of Ghana had revealed that the launch of the CBDC would place it at the apex within the African region with regards to emerging financial technologies.
It is expected that the digital cedi will begin sandbox operation from September 2021, with the BOG likely to deploy it before the end of the year. Maxwell Opoku-Afari reiterated this sentiment in a recent workshop held by the BOG.
He revealed that the digital cedi has the potential to transform the entire financial system in Ghana. Opoku-Afari also added that the central bank deployment was based on the growing changes in the global financial space. At the same time, he concluded by stating that the BOG had also ensured that the digital cedi had the latest security features to ensure smooth operations.
Ghana has shown its leadership position within the African region concerning CBDCs. This is in stark contrast to neighboring Nigeria. Nigeria possesses the largest bitcoin market in Africa but has shown neglect towards developing or accepting digital currencies.
Although there are speculations that the Nigerian government has started to research on developing a digital Naira, other African countries have also stated that they are considering a CBDC, including Tanzania and South Africa.
BOG remains poised to become the first central bank in the sub-Saharan region actually to develop and launch its digital currency. However, it remains to be seen if the bank adheres to its existing roadmap.
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