The Bank of Ghana has disclosed that it is in advanced stages of rolling out a digital currency called ‘E-Cedi’.
According to the Governor of the central bank, Dr Addison, the e-cedi will pass through three phases before it goes into circulation.
He revealed that the final stage, which is a pilot process would determine whether the digital currency will be feasible or not.
“The Bank of Ghana was one of the first African Central Banks to declare that we were working on a digital currency looking at the concept of an e-cedi,” Dr Addison stated.
“Yes, we are quite advanced in that process. As you know, with these types of things, you have to go at it in phases and the first phase was really on the design of the electronic money and the team that has gone quite far in the design phase, they are looking at the implementation phase.
“After the implementation phase, we have a pilot phase where a few people would be able to use the digital cedi on the mobile applications and other applications that are currently running.
“From that pilot, we will be able to determine whether this is feasible and what sort of things need to be tweaked to make it work effectively”. on Dr Addison said on Monday at a news conference in Accra.