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Tag: e-Cedi

  • BoG to launch e-Cedi before close of 2026 – Dr Ernest Addison

    BoG to launch e-Cedi before close of 2026 – Dr Ernest Addison

    Bank of Ghana (BoG) Governor Dr. Ernest Addison has reassured the public that the eagerly awaited e-Cedi, Ghana’s digital currency, will be launched before the close of 2026.

    While acknowledging progress in the e-Cedi’s development, he attributed the delay to economic disruptions caused by the events of 2022.

    During an interview on the sidelines of the Eastern Caribbean Central Bank (ECCB) 40th anniversary and Central Banking Autumn meetings in Saint Kitts and Nevis in November 2023, Dr. Addison hinted that the launch might occur earlier, expressing the need to comprehend the commercial aspects better.

    After the successful pilot phase in Sefwi Asafo, discussions on the e-Cedi’s commercial aspects began. However, the onset of the COVID-19 pandemic and the resulting economic crisis led the central bank to temporarily halt the digitization process.

    “Probably, it could be earlier than that. As I mentioned, we have reached a point of trying to understand the commercials a little bit more,” said Dr. Addison during an interview held on the side-lines of the Eastern Caribbean Central Bank (ECCB) 40th anniversary and Central Banking Autumn meetings in Saint Kitts and Nevis in November 2023.

    Despite the setback, the central bank remains optimistic about the e-Cedi’s future.

    In December 2023, winners of Ghana’s inaugural e-Cedi hackathon were announced, showcasing the fintech community’s enthusiasm. The competition encouraged innovation and partnerships around the central bank’s digital currency.

    Dr. Addison provided insights into the e-Cedi pilot’s status, highlighting its offline operational capacity.

    The pilot, conducted in remote areas, featured an offline version to ensure usability in regions with limited connectivity infrastructure.

    Positive results demonstrated the e-Cedi’s potential success.

    While economic challenges prompted a reevaluation of priorities in 2022, progress toward launching the e-Cedi is ongoing. The central bank aims to replicate traditional cash attributes with a retail token-based CBDC, stored locally on devices.

    “The e-Cedi’s successful deployment could have a significant impact on the country, helping to augment the government’s digitalization agenda and foster financial inclusion,” Dr. Addison stressed. With the e-Cedi hackathon serving as a milestone, anticipation builds for its official launch, expected to bring transformative changes to Ghana’s financial ecosystem.

  • E-Cedi to be launched before 2026 – BoG

    E-Cedi to be launched before 2026 – BoG

    Governor of the Bank of Ghana, Dr. Ernest Addison, has provided reassurance to the public, affirming that the launch of the highly-anticipated e-Cedi, the country’s digital currency, will occur before the conclusion of 2026.

    While acknowledging the advancements in the development of the e-Cedi, the Governor pointed out that the delay in its launch is attributed to the economic dislocation caused by the events of 2022.

    “Probably, it could be earlier than that. As I mentioned, we have reached a point of trying to understand the commercials a little bit more,” said Dr. Addison during an interview held on the side-lines of the Eastern Caribbean Central Bank (ECCB) 40th anniversary and Central Banking Autumn meetings in Saint Kitts and Nevis in November 2023.

    He further explained that after successful completion of the pilot phase in Sefwi Asafo, discussions on the e-Cedi’s commercial aspects were initiated. However, the COVID-19 pandemic’s onset and resulting economic crisis shifted priorities – leading the central bank to temporarily halt the digitisation process.

    The pilot was an essential step in the country’s plan to enhance financial inclusion and promote digitalisation. Despite the setback caused by economic challenges, the central bank remains optimistic about the e-Cedi’s future.

    In December 2023, the Bank of Ghana announced winners of the country’s first ever e-Cedi hackathon. The e-Cedi Hackathon reflects the fintech community’s enthusiastic engagement. The competition encouraged innovation and partnerships around the central bank’s new digital currency. Of 88 initial applicants, 10 finalists were selected to showcase their e-Cedi solutions; covering areas such as agriculture, government payments, business transactions, taxation and more.

    Dr. Addison provided insights into the e-Cedi pilot’s status, emphasising its offline operational capacity. “The central bank did a lot of things due to favourable conditions at the end of 2019,” he explained. The pilot, conducted in some of the country’s remotest parts, featured an offline version of the digital currency to ensure usability in areas with limited connectivity infrastructure.

    “The Ghanaian population is used to mobile money, so the concept of a digital currency was easily absorbed – it’s not an alien concept to people,” Dr. Addison highlighted. Positive results from the pilot, wherein participants were given a certain value to spend within their locality, demonstrated the e-Cedi’s potential success.

    While the economic challenges of 2022 prompted a reevaluation of priorities, Dr. Addison emphasised that progress toward launching the e-Cedi is ongoing. The central bank’s adoption of a retail token-based CBDC, stored locally on various devices, aims to replicate traditional attributes of physical cash while incorporating additional functionalities.

    “The e-Cedi’s successful deployment could have a significant impact on the country, helping to augmentthe government’s digitalisation agenda and foster financial inclusion,” Dr. Addison stressed. The Bank of Ghana seeks to reinforce its role as an active regulator and facilitator of a digital economy, aligning with the nation’s evolving financial landscape.

    As Ghana advances in its digital currency efforts, the e-Cedi hackathon served as a crucial milestone, fostering innovation and supporting the nation’s goals of financial access and digital transformation. With assurances from the Bank of Ghana’s Governor, anticipation builds for the e-Cedi’s official launch – which is expected to bring transformative changes to the country’s financial ecosystem.

  • BoG Governor reiterates commitment to introducing e-Cedi before the year 2026

    BoG Governor reiterates commitment to introducing e-Cedi before the year 2026

    Bank of Ghana Governor (BoG) Dr. Ernest Addison has reassured the public that the launch of the much-anticipated e-Cedi, the country’s digital currency, will take place before the end of 2026.

    The Governor acknowledged progress made in the e-Cedi’s development but attributed the delay in its launch to economic dislocation caused by the events of 2022.

    “Probably, it could be earlier than that. As I mentioned, we have reached a point of trying to understand the commercials a little bit more,” said Dr. Addison during an interview held on the sidelines of the Eastern Caribbean Central Bank (ECCB) 40th anniversary and Central Banking Autumn meetings in Saint Kitts and Nevis in November 2023.


    Following the successful completion of the pilot phase in Sefwi Asafo, discussions on the commercial aspects of the e-Cedi were initiated. However, the onset of the COVID-19 pandemic and the resulting economic crisis led the central bank to temporarily halt the digitization process, shifting priorities.

    Despite the setback caused by economic challenges, the pilot was a crucial step in the country’s plan to enhance financial inclusion and promote digitalization. The central bank remains optimistic about the future of the e-Cedi.

    In December 2023, the Bank of Ghana announced the winners of the country’s first-ever e-Cedi hackathon, showcasing the fintech community’s enthusiastic engagement. The competition aimed to encourage innovation and partnerships around the central bank’s new digital currency. Out of 88 initial applicants, 10 finalists were selected to present their e-Cedi solutions, covering areas such as agriculture, government payments, business transactions, taxation, and more.

    Dr. Addison provided insights into the current status of the e-Cedi pilot, emphasizing its offline operational capacity.

    “The central bank did a lot of things due to favourable conditions at the end of 2019,” he explained. The pilot, conducted in some of the country’s remotest parts, featured an offline version of the digital currency to ensure usability in areas with limited connectivity infrastructure.

    “The Ghanaian population is used to mobile money, so the concept of a digital currency was easily absorbed—it’s not an alien concept to people,” Dr. Addison highlighted. Positive results from the pilot, wherein participants were given a certain value to spend within their locality, demonstrated the e-Cedi’s potential success.

    While the economic challenges of 2022 prompted a reevaluation of priorities, Dr. Addison emphasised that progress towards launching the e-Cedi is ongoing. The central bank’s adoption of a retail token-based CBDC, stored locally on various devices, aims to replicate the traditional attributes of physical cash while incorporating additional functionalities.

    “The e-Cedi’s successful deployment could have a significant impact on the country, helping to augment the government’s digitalization agenda and foster financial inclusion,” Dr. Addison stressed. The Bank of Ghana seeks to reinforce its role as an active regulator and facilitator of a digital economy, aligning with the nation’s evolving financial landscape.


    As Ghana makes strides in its digital currency initiatives, the e-Cedi hackathon stands out as a pivotal milestone, playing a significant role in promoting innovation and aligning with the country’s objectives of enhancing financial access and embracing digital transformation.

    With the Bank of Ghana’s Governor providing assurances, expectations are high for the imminent official launch of the e-Cedi, anticipated to usher in transformative changes to the nation’s financial ecosystem.

  • e-Cedi to boost financial inclusion, remittances, international transfer efficiency – BoG

    e-Cedi to boost financial inclusion, remittances, international transfer efficiency – BoG

    The Bank of Ghana Governor, Dr. Ernest Addison, emphasized that the introduction of the e-Cedi digital currency is a vital step in enhancing financial inclusion and extending financial services to remote regions within the country.

    Additionally, he stated that the digital currency will bolster Ghana’s position in international transfers, particularly in the field of remittances.

    Speaking at the recent IMF/World Bank meetings in Marrakech, Morocco, Dr. Addison also highlighted the currency’s cost-effectiveness and security.

    He further explained that the central bank collaborated with technology partners to explore the digitalization of the Ghanaian Cedi, potentially introducing a digital version of the national currency.

    “This ambitious project culminated in a pilot programme launched approximately one year ago, which Dr. Addison described as highly successful. One key aspect that made the pilot programme thrive was the enthusiastic participation of Ghana’s vibrant and youthful population.

    The youth’s engagement in digital innovations served as a catalyst, motivating the central bank to champion a domestic form of digitalisation – and their trust in the institution played a pivotal role.” Dr Addison noted during a panel discussion at the high-profile event.

    The Governor emphasized that the digital currency was not privately issued but is part of the Central Bank’s commitment to transparent and trustworthy innovation. Dr. Addison firmly positioned the e-Cedi as a tool for financial inclusion, highlighting its potential to provide financial services to remote areas where traditional banks are unavailable.

    Regarding the e-Cedi ‘hackathon’ initiative, he explained that it will invite creative young minds to devise various use-cases for e-Cedi, encompassing applications in merchant payments, government transactions, trade, and remittances. This three-month initiative aims to showcase potentially groundbreaking use-cases developed by young innovators in Ghana.