The development of the e-Cedi, the nation’s digital currency, according to Bank of Ghana (BoG) Governor Dr Ernest Addison, has advanced significantly. In order to increase financial inclusion and digitalization, the country’s agenda depends on digital currency.
The impact of the economic disruption in 2022 he said, has caused the launch to be postponed.
Some selected customers at Sefwi Asafo in the Western North Area used the currency to purchase goods, services, and food during the experimental phase, which has now come to an end.
Following the Monetary Policy Committee, MPC meeting on March 27, 2023, the Governor made this declaration during a news conference.
The Bank of Ghana initially intended to introduce the e-Cedi in 2022, according to Dr Addison. Yet, it was obvious that a better time would need to be chosen for an official launch due to the significant inflation rates and decline in currency value that happened during the economic turmoil of that year.
“In 2022, we had a very major dislocation of the economy. That is not the context in which you want to launch a digital currency. So, we had to slow down the process and refocus our efforts on the macro environment, trying to bring inflation down. At a certain point, we will go back to the e-Cedi project and decide on the launch date,” He said.
