BUSINESS NEWS
Bank of Ghana to begin digital cedi pilot in September
The Bank of Ghana (BoG) will begin a pilot of the digital cedi in a sandbox environment in September, the First Deputy Governor of the BoG, Dr Maxwell Opoku-Afari, has said.
Speaking after the opening session of a two-day training for Journalists for Business Advocacy on Understanding Monetary Policy in a Post-Pandemic Era, the First Deputy Governor said the digital cedi was important to deepening digital transactions in the economy.
“Digital Currency is part of the central bank acknowledging the need for digital payment and digital delivery of financial services. By this, the Bank of Ghana will provide a platform on which we can add more value to digital transactions,” Dr Opoku-Afari said.
“We have to take out time to design it with all the security features and so have started it in a pilot phase through what we call a sand-box to learn lessons before we open it up to the general public,” he added.
He said the Central Bank’s approval for the use of the digital currency by the population would depend on the outcome of the pilot.
“The central bank’s digital currency is FIAT money, it is cash on its own so that the financial institution like the banks and Fintechs will be able to create value addition on the digital cash,” he added.
-
Lifestyle1 month ago
Road Safety Authority narrates how buttocks causes road accident
-
GENERAL NEWS1 month ago
Why 15 police officers stormed Owusu Bempah’s church – Kumchacha narrates
-
GENERAL NEWS1 month ago
Watch how Ibrahim Mahama rode Honda superbike to pay last respects to late friend
-
GENERAL NEWS1 month ago
How Offinso residents storm destooled queen mother’s house, demand for new chief
-
South Africa News1 month ago
Woman thrown out of a speeding taxi while on her way to work
-
GENERAL NEWS3 weeks ago
Deadly clash between youth and navy personnel results in two deaths at Tema Manhean
-
SHOWBIZ KONKONSAH3 weeks ago
Junior Pope’s Death: Video of John Dumelo refusing to join canoe for movie shoot over safety concerns resurfaces
-
News Africa2 months ago
‘Satanically dubious’ – SCOAN releases statement on BBC’s report about TB Joshua, church