Digital cedi will anchor Ghana’s future economy – BoG

The Bank of Ghana has stated that Ghana’s proposed central bank digital currency, the digital cedi (eCedi), will play a central role in shaping the country’s future economy.

According to BoG, the eCedi will strengthen financial inclusion, improve payment efficiency, and support long-term monetary stability.

Speaking at the Cedi@60 International Currency Conference in Accra, Dr. Zakari Mumuni, First Deputy Governor of the Bank of Ghana, delivered a presentation titled “The Digital Cedi – A Strategic Vision for Ghana’s Digital Currency,” where he outlined the central bank’s roadmap for the design, testing, and deployment of the eCedi. 

Dr. Mumuni said the digital cedi is intended to serve as a secure, sovereign, and fully interoperable digital payment instrument issued by the central bank, complementing physical cash and ensuring universal access to safe digital financial services. He noted that Ghana’s rapid growth in electronic payments has made the eCedi a necessary next step in strengthening the national payments ecosystem.

He pointed out that mobile money has become one of the largest components of transaction value in the real-time gross settlement (RTGS) system. In 2015, mobile money accounted for 3.4% of RTGS value; by 2024, it had risen to nearly half of all transactions — a shift he described as “transformative and irreversible.” 

According to him, the eCedi will make payments faster and more efficient, reduce fraud, improve financial transparency, and support the Bank of Ghana’s efforts to enhance monetary policy transmission. It will also promote broader financial inclusion by offering low-cost wallet options accessible even to users without smartphones, including an offline version already developed for low-connectivity communities. 

Dr. Mumuni acknowledged the challenges the Bank must manage, including cybersecurity risks, digital literacy gaps, and the need to enhance data-protection systems. Despite these obstacles, he emphasised that Ghana is well-positioned for CBDC adoption due to its strong national ID system, digital addressing infrastructure, interoperability platform, and a growing fintech ecosystem. 

He added that the eCedi will also provide a safe and regulated alternative to private digital currencies, ensuring that innovation continues within a secure and trusted national framework. 

“Long live the cedi. Long live Ghana,” Dr. Mumuni concluded.

Dr. Mumuni’s presentation comes after the launch of the Cedi@60 anniversary celebrations in October by Vice President Professor Naana Jane Opoku-Agyemang, who called on Ghanaians to help protect the stability of the Ghana cedi and support ongoing reforms to strengthen the currency.

The Vice President commended the Ministry of Finance, led by Dr. Cassiel Ato Forson, and the Bank of Ghana, led by Governor Dr. Johnson Asiama, for implementing policies that have restored macroeconomic stability and renewed public confidence. She also praised the central bank’s leadership in digital finance, including its regulation of virtual asset service providers, support for fintech innovation, and continued development of the eCedi.

She noted that the digital-currency initiative was first explored in 2021 under former Governor Dr. Ernest Addison, and has since evolved into a central pillar of Ghana’s long-term financial reform agenda.

The Bank of Ghana maintains that the digital cedi will strengthen trust, promote transparency, and anchor Ghana’s transition toward a more modern, resilient and inclusive digital economy.