Finance

Bank of Ghana to adopt cautious approach in piloting e-cedi – Kwame Oppong

Bank of Ghana pilots digital currency

BoG partners Giesecke+Devrient for e-cedi pilot

Ghanaians to use digital currencies soon

Head of Innovation and Fintech at the Bank of Ghana, Kwame Oppong has said it has adopted a cautious approach in piloting the bank’s first digital currency also known as the E-cedi.

The central bank in September 2021 commenced processes to pilot the e-cedi with the move expected to take place for 18 months.

Speaking at the Absa Bank-UPSA Law School Quarterly Banking Roundtable, Kwame Oppong said the piloting process is well on course.

“We are very cautious to remind everybody that we are running a pilot, we are trying not to test the dearth of water. And so, we want to understand how the dynamics will be. Like I said the technology is straightforward”.

“We are fortunate to have a partner that we carefully selected with 160 years’ experience in the currency business and has sophisticated equipment [Giesecke+Devrient]. So, we’re trying to make the right decisions all along”, the Innovation and FinTech head explained.

“This is very serious and has major implications, so we are not taking any risks, we are not taking any chances. So, we are being deliberate about it,” he added.

Meanwhile, Kwame Oppong assured that the central bank is making no rush decision in the implementation of the digital currency and will accordingly inform the public about its next line action.

“When this pilot is over as a Central Bank and as a policy institution, we will notify the public about what the next steps are and continue to share your inputs and feedback as this process goes on.”

In June 2021, Governor of the Bank of Ghana Dr Ernest Addison, disclosed that the digital currency (E-Cedi) is in the advanced stages and will go through three phases – design, implementation and piloting – before it goes into circulation.

The design phase, which involves the design of the digital money, is completed. After the design phase, the central bank will move to the implementation and the piloting stage where a few people would be able to use the digital cedi on their mobile applications and other apps that are currently running.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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