Ghana is one of the first African countries to test a CBDC with a pilot project.
Around the globe, banks are dealing with the topic of cryptocurrencies and the possible use case of a CBCD. The Bank of Ghana, which has its headquarters in Accra, is now cooperating with the German company Giesecke + Devrient (G + D). Payment service providers, merchants and customers are also to be involved in the pilot project. The main customers of Giesecke + Devrient are mainly banks – as well as the European Central Bank.
Therefore, both parties want to find out in a pilot project to what extent a CBDC will bring Ghanaian benefits. Since the name of Ghana’s local currency is Cedi, the CBDC was appropriately called eCedi. G + D is headquartered in Munich and has specialized in the production of banknotes, identity cards and passports since it was founded in Leipzig in 1852.
CBDC aims to simplify payments
In the pilot project together with Giesecke + Devrient, the Bank of Ghana hopes to become part of the global trend that central banks are launching CBDCs.
CBDC offers a great opportunity for building a resilient, inclusive, competitive and sustainable financial sector led by the central bank. Everything indicates that the concept of a CBDC will play an important role in the future provision of financial services worldwide. This project is an important step to enable Ghana to take full advantage of this emerging concept,
so Dr. Ernest KY Addision, Head of the Bank of Ghana, in the notice published on this.
The CBDC aims to make payments more efficient and to give residents without their own bank account access to financial services. Because millions of Ghanaians still have no access to a bank account. Only 57 percent of those over the age of 15 have the option of withdrawing or storing money. Of course, the Bank of Ghana also sees advantages for itself in a CBDC. Because the introduction of a state crypto currency is subject to its control. The company Giesecke + Devrient is also expanding its commitment in the crypto area with this cooperation.