Ghana is accelerating its transition toward a digitally driven economy following renewed commitment from the Bank of Ghana (BoG) to introduce a Central Bank Digital Currency (CBDC) known as the eCedi.
The assurance was delivered by First Deputy Governor Dr. Zakari Mumuni during the Cedi at 60 International Currency Conference held at the Accra International Conference Centre. Dr. Mumuni described the digital cedi as a transformative national project expected to redefine the future of financial transactions, expand inclusion, and modernize the country’s payment infrastructure.
The deputy governor noted that despite impressive improvements in Ghana’s payment ecosystem, cash still remains the most interoperable form of value. “Even with all the progress we have made, cash remains the most interoperable value in our financial system. And that is precisely why the journey toward a digital cedi matters,” he stated during the November conference.
Ghana’s payment landscape has evolved significantly over the past two decades. Early reforms included the introduction of the Ghana Interbank Settlement System, one of the first real-time gross settlement systems in Sub-Saharan Africa. Subsequent innovations such as the Automated Clearing House, the Cheque Codeline Clearing System, the biometric e-zwich smart card, and the GhLink ecosystem laid the foundation for interoperable digital payments.
These developments set the stage for Ghana Interbank Payment and Settlement Systems (GhIPSS) Instant Pay, which today supports real-time transfers between banks and mobile money wallets. A major turning point came with the introduction of mobile money in 2009, demonstrating the rapid pace of Ghana’s digital transition.
“In 2015, mobile money transactions accounted for just 3.4% of Real-Time Gross Settlement (RTGS) transaction value. By 2024, that figure had grown to nearly half,” Dr. Mumuni revealed, illustrating how digital payments have become central to households, small and medium-sized businesses, and corporate entities.
The deputy governor explained that the rapid shift toward digital payments makes the introduction of the eCedi even more urgent. The digital cedi, which will be issued and regulated solely by the Bank of Ghana, is expected to provide a secure and accessible digital alternative that complements existing financial channels.
“The eCedi is Ghana’s Central Bank Digital Currency, a digital representation of the Ghanaian cedi, issued and regulated by the Bank of Ghana,” Dr. Mumuni stated, defining the project clearly during his presentation.
The currency is designed with features that support financial inclusion, including accessibility through mobile wallets and the ability to function offline. This offline capability is particularly beneficial for communities with unreliable internet connectivity, addressing a critical barrier given that approximately 47 percent of Ghanaians lack internet access.
Kwame Oppong, who heads fintech and innovation at the BoG, previously emphasized that offline payment capability was one of the key features the central bank wanted in its CBDC. “We wanted to create an instrument that allows people to live off-grid and use it as they would use cash,” Oppong explained in earlier statements about the project.
In outlining the benefits, Dr. Mumuni said the eCedi will enhance the efficiency and reliability of retail payments while reducing fraud, counterfeiting, and illicit financial activity. He further noted that the digital cedi will promote innovation by giving fintech companies and banks a stable platform to develop new financial products.
The digital currency will also strengthen the transmission of monetary policy and improve the central bank’s ability to respond to macroeconomic challenges. The BoG views the eCedi as a strategic tool for maintaining monetary sovereignty amid increasing digital asset adoption and the emergence of private virtual currencies.
Despite the opportunities, Dr. Mumuni acknowledged that challenges must be addressed to ensure safe and widespread adoption. Key concerns include digital literacy gaps, particularly in rural and underserved communities, and cybersecurity threats that could affect trust in the system. He emphasized that strong data protection policies will be crucial given that the digital infrastructure will process sensitive financial information.
The Bank of Ghana remains confident that Ghana is well positioned to implement a CBDC because of the country’s already robust digital foundations. These include a nationwide biometric identification system, a digital addressing system, and an integrated payments ecosystem supported by interoperability across platforms. The deputy governor highlighted Ghana’s youthful and digitally aware population as another advantage that positions the country for a successful rollout.
The eCedi project has experienced delays since its initial announcement in November 2019. The central bank successfully piloted both online and offline use cases of the eCedi with 2,750 people in Accra, Tarkwa, and Sefwi Asafo during a four-month trial that concluded in 2022. However, the full rollout was postponed due to economic instability and high inflation.
Former BoG Governor Ernest Addison previously explained that macroeconomic conditions necessitated the delay. “That is not the context in which you want to launch a digital currency. So, we had to slow down the process and refocus our efforts on the macro environment, trying to bring inflation down,” Addison stated in March 2023.
The central bank has since won international recognition for its CBDC design. In October 2024, the BoG received the “Innovation in Digital Currency Design for Financial Inclusion” award, with judges citing the eCedi’s compelling demonstration of design elements encompassing governance, accessibility, interoperability, and infrastructure with potential to promote financial inclusion.
According to recent reports, the Bank of Ghana expects to launch the retail version of the eCedi by the end of 2025, pending enactment of necessary legislation. The timeline represents a significant step forward for the Digital Ghana Agenda, which aims for digitization of Ghana’s 30 million people and government services.
Dr. Mumuni concluded that the eCedi is more than a technological advancement. He described it as a strategic step toward building a resilient, secure, and inclusive economy that reflects Ghana’s long-term development vision. “The eCedi represents Ghana’s next step toward a resilient, inclusive, and digitally driven economy,” he explained in his final remarks.
The first deputy governor added that the introduction of a digital national currency places Ghana among forward-looking nations using digital innovation to strengthen financial sovereignty and enhance economic competitiveness. The eCedi forms part of the broader Cashlite Agenda, with electronic tokens backed by the Ghana government potentially replacing coin minting or printing of paper notes.
The BoG has been working with German technology firm Giesecke+Devrient on the project, testing various payment scenarios on the firm’s CBDC platform Filia, which other countries including Singapore, Thailand, and Brazil have also used. The central bank opted for a centralized model rather than blockchain-based distributed ledger technology in the initial phase, though the system will maintain flexibility for future interoperability with decentralized systems.
Ghana’s move toward a CBDC aligns with global trends, as central banks worldwide increasingly explore digital currencies. Nigeria launched Africa’s first CBDC, the eNaira, in October 2021, making it only the second country globally to introduce such a currency. Ghana’s eCedi project positions the nation as a key player in Africa’s evolving digital finance landscape.
The successful implementation of the eCedi will depend on collaboration among multiple stakeholders, including financial institutions, fintech companies, telecommunications providers, and government agencies. The Bank of Ghana has emphasized that the digital currency ecosystem must remain open to innovation while maintaining robust security and regulatory standards.
Dr. Mumuni, who was appointed First Deputy Governor in February 2025, brings over two decades of experience in central banking, macroeconomic policy analysis, and financial market development to his role. He currently serves as a member of the Monetary Policy Committee and previously held positions including Director of the Financial Markets Department and Head of Modelling and Forecasting in the Research Department.
His appointment comes at a crucial time as Ghana navigates complex economic conditions and seeks to position itself at the forefront of financial innovation in Africa. The eCedi launch represents a significant milestone in the country’s digital transformation journey and its efforts to build a modern, inclusive financial system.
Source: newsghana.com.gh
