Ghana is one of the few African countries that is hopping on the cryptocurrency train. The country is particularly taking concrete steps towards embracing this innovation. During the Fifth Ghana International Trade and Finance Conference in Accra, The Vice President of Ghana – Dr. Mahamudu Bawumia – said that African governments should embrace virtual currencies. His reason was that it would boost trade and strengthen other productive sectors of their economies.
According to Dr. Bawumia: “Digitisation has also become one of the most consequential policies of the Nana Akufo-Addo government. When the scourge of the COVID-19 pandemic hit and forced many economies into partial and total lockdowns, it reinforced the need to pursue digitization.”
Giesecke + Devrient And Central Bank Digital Currency
According to this Wikipedia article, Giesecke+Devrient (G+D) is a German company headquartered in Munich that provides banknote and securities printing, smart cards, and cash handling systems. One of the payment solutions that G+D offers is designing a secure digital future through CBDC.
“As digital forms of payment continue to grow in number and popularity, we believe that there is a need for a government-backed digital currency that is safe, secure, and trusted. CBDC is a digital version of physical cash,” G+D explains on its website.
The central bank issues it and it is pegged to a local currency and made available to everyone, everywhere. It has the same characteristics as cash – as well as the added benefit of being digital. G+D works with Central Banks all over the world. Basically, it develops a universally accepted and accessible legal tender that is anonymous, yet transparent, while ensuring the highest security.