The central bank of Ghana reveals the key triggers that led it to plan the issue of central bank digital currency (CBDC). The document outlines the design of the digital currency along with its benefits for the Ghanaian economy.
In 2021, the Bank of Ghana (BOG) started the development of its CBDC, and it was expected that before the year-end, it would begin piloting the digital currency. As per the reports released in August 2021, the BOG declared Giesecke Devrien as its implementation partner.
Before that, Mahamudu Bawumia, the vice-president of Ghana, had applauded the central bank’s plan to issue the digital currency. He even forecasted a hike in intra-Africa trade because of such a currency.
Meanwhile, some blockchain lobby groups, such as Afroblocks, claim that they were not consulted – demand from the central bank to design a digital currency that is created on “old traditional siloed financial thinking.” Afriblocks argues that if it is done that there are higher chances of success.
Ernest Addison, the BOG governor, released a statement along with the documents, responding to the concerns raised by critics. Addison affirms in the statement that the BOG will try to engage stakeholders till the point where they can do active participation and successful implementation.
