The Bank of Ghana has by and by expressed that it is as yet keen on building up a virtual money for the economy so as to advance development in the market and a progressively cashless economy.
The Bank of Ghana (BoG), which is the Central Bank of Ghana, is notable on the African landmass, and universally as a main establishment in proceeded with advancement of the installments area and hierarchical structure to address the issues of the Ghanaian economy.
Talking during a virtual partner workshop on installment frameworks and administration, the First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-afari, said that ideas like a Central Bank Digital Currency (CBDC) are intriguing to investigate and the advancing approaches on branchless financial rules in the nation offers it a chance to glance in that area.
The Bank of Ghana, which is the Central Bank of Ghana, has encouraged an advanced and strong interbank installments frameworks through the Ghana Interbank Payment and Settlement Systems (GhIPSS), which incorporates the accompanying frameworks:
- Mobile Money
The GhIPSS has helped establish interoperability between the above systems and established the foundation for a nationwide digital delivery of services.
This is not the first time that the Bank of Ghana has expressed interest in building a CBDC. In 2019, the bank said that it was considering the release of the digital version of its national currency, the e-Cedi, and had been exploring a pilot project in a sandbox environment with the possibility of issuing the e-Cedi in the near future.
The recent reiteration of the possibility of a CBDC is thus interesting and shows the ongoing efforts in this direction. This makes Ghana among a few countries in Africa, and the globe, seriously considering a CBDC for the economy.