Governor of the Bank of Ghana, Dr. Johnson Asiama has assured that the E-Cedi project has not been abandoned, despite delays in its rollout.
Speaking on the progress of Ghana’s proposed digital currency at the 130th Monetary Policy Committee meeting, the Governor explained that the central bank is taking additional time to complete key preparatory stages before fully deploying the initiative.
“The E-Cedi started some time ago. You will remember that there was one pilot that was done in some corner of the country. However, considering how heterogeneous we are as a society, we need to do a couple other pilots,” he said.
According to him, the Bank of Ghana is prioritising critical systems and safeguards, particularly cybersecurity resilience, before moving to the next phase of implementation.
“There are other preparatory requirements. Cyber security, for example, is a big part of that project. We are doing some work to upgrade our resilience as far as cyber security is concerned,” he noted.
The Governor stressed that the project remains a major area of interest for the central bank, but officials want to ensure all systems are fully prepared before any nationwide rollout.
“So we haven’t abandoned that project, just that we want to spend more time on the preparatory requirements, the preparatory stages, before we roll out,” he added.
Beyond domestic use, the Bank of Ghana is also exploring how digital currency technology can support cross-border trade and settlements within Africa.
The Governor disclosed that discussions are ongoing with institutions including the African Continental Free Trade Area on the possible use of stablecoins and related digital payment technologies to facilitate regional trade.
“What is of concern to us currently and what we are focusing on is to see how we can deploy that for cross-border settlements,” he said.
He explained that such systems could particularly benefit small and medium-sized enterprises (SMEs) seeking to expand into regional markets by making transactions faster and more efficient.
“In the interest of SMEs, in the interest of small businesses that they want to scale up and take advantage of bigger markets across the border,” he stated.
The Governor also highlighted the Bank of Ghana’s broader interest in emerging financial technologies, including tokenisation and digitisation initiatives discussed during the recently held 3i programme.
“So, God willing, soon you will see the E-Cedi project moving forward,” he assured.
