Ghana is prepared to begin a controlled rollout of its central bank digital currency (CBDC) following significant progress made by the Bank of Ghana (BoG), according to Abena Osei-Poku, Managing Director of Ecobank Ghana.
Osei-Poku made the remarks at the Currency Anniversary Conference in Accra on Tuesday, November 18, 2025, as part of the Cedi at 60 celebrations. She emphasized that stakeholders in the financial sector have observed meaningful strides from the central bank regarding the introduction of the eCedi.
The Ecobank executive stated that the introduction and full implementation of the eCedi, together with broader digital payment reforms, will be crucial in strengthening Ghana’s monetary sovereignty and reducing dependence on foreign currencies. Her comments align with recent statements from BoG Governor Dr. Johnson Asiama, who announced intensified efforts by the central bank to curb dollarization and reinforce the Cedi as the country’s sole legal tender.
Dr. Asiama cautioned that rising currency substitution threatens the long term stability of the Ghanaian economy. The governor’s position underscores the strategic importance of the eCedi as a tool for maintaining monetary control and reducing reliance on foreign currencies in domestic transactions.
Osei-Poku said Ghana’s ongoing work in payment modernization and digital currency development reflects a strong commitment to building a resilient financial system. She noted that other African countries have demonstrated the regulatory benefits of digital currencies.
The Ecobank Managing Director added that countries such as Nigeria have demonstrated how central bank digital currencies can improve regulatory oversight, stating that digital currencies give the central bank better visibility and control over the entire payment ecosystem. Nigeria launched the eNaira in October 2021, becoming Africa’s first country to introduce a CBDC.
The Bank of Ghana first announced its plans for the eCedi in August 2021, entering into a partnership with Giesecke and Devrient to conduct feasibility studies and develop a prototype. The central bank conducted a pilot program in 2022 that ran for four months in select areas including Accra, Tarkwa and Sefwi Asafo, testing both online and offline functionality to accommodate users without internet access.
The pilot involved approximately 2,750 people making real transactions in their everyday lives. The trial was designed to test whether the CBDC could be used to digitize payments, strengthen the economy, increase financial inclusion and address emerging risks from unregulated private currencies or virtual assets.
Ghana had been among the frontrunners in Africa’s CBDC race, with its digital currency research more advanced than most nations. However, progress has stalled since the initial pilot. The planned 2023 launch was delayed due to high inflation experienced at that time. Former BoG Governor Ernest Addison stated that high inflation was not the context in which to launch a digital currency, prompting officials to slow down the process and refocus efforts on the macro environment.
According to recent reports, the Bank of Ghana expects to launch a retail CBDC in 2025 pending the enactment of necessary legislation. The timeline represents a two year delay from the original target despite the successful pilot program.
Kwame Oppong, who heads fintech and innovation at the BoG, has emphasized that offline payment capability was one of the key features the central bank wanted in its CBDC. He stated that the bank wanted to create an instrument that allows people to live off grid and use it as they would use cash. This feature is particularly important given that approximately 47 percent of Ghanaians lack internet access.
The eCedi will function beyond the last mile of cell connectivity, addressing a critical barrier to financial inclusion. Without offline functionality, a CBDC would exclude nearly half the population and undermine financial inclusion efforts. Oppong noted that while mobile connectivity in Ghana exceeds 100 percent, internet connectivity stands at around 70 percent, with those without internet access mainly residing in rural areas.
Unlike some central banks that have explored distributed ledger technology (DLT) for their CBDCs, Ghana will steer clear of decentralized technology, at least in the initial phase. The BoG has opted for a centralized model, though the eCedi will be flexible to allow interoperability with DLT systems in the future.
The digital currency has received international recognition, securing the Innovation in Digital Currency Design for Financial Inclusion award during Payment and Innovation Week in London. The central bank won the award for its compelling demonstration of the eCedi’s design elements, encompassing governance, accessibility including online and offline capabilities, interoperability and infrastructure with the potential to promote financial inclusion.
The eCedi forms part of the Digital Ghana Agenda, which aims for digitization of Ghana’s 30 million people and government services. The digital currency is designed to complement the Ghanaian cedi and serve as an alternative to physical cash, supporting the Cashlite Agenda. Electronic tokens backed by the Ghana government will replace coin minting or printing paper notes.
Ghana’s new regulatory framework for digital assets is also progressing. Governor Dr. Asiama announced that the Bank of Ghana will begin regulating cryptocurrency platforms and virtual asset service providers by September 2025 through the Virtual Asset Providers Act. The legislation will introduce comprehensive licensing rules and cybersecurity standards, marking a transition from informal adoption to institutional governance.
The BoG is establishing a dedicated unit to oversee digital assets and ensure compliance within the sector. The regulatory framework will require mandatory registration for Virtual Asset Service Providers (VASPs), enforce anti money laundering protocols and implement enhanced security measures.
Dr. Asiama emphasized that the central bank cannot prevent blockchain technology, so it must move quickly to regulate it. The proactive approach positions Ghana among Africa’s leaders in developing structured digital finance regulation.
Osei-Poku, who became Managing Director of Ecobank Ghana and Regional Executive for the Anglophone West Africa Region in January 2024, brings over 25 years of experience in the financial services industry. Her expertise spans corporate and investment banking, business banking and risk management at the regional level. She previously served as Managing Director of Absa Bank Ghana, where she successfully led the transition from Barclays to Absa.
The executive currently serves as Chairperson of the Advisory Board of the College of Health Sciences at the University of Ghana and is a member of the executive councils of the Ghana Association of Banks and the National Banking College. She holds a Master of Business Administration from Manchester Business School and a Bachelor of Arts in Economics and Statistics from the University of Ghana.
Ecobank Ghana operates as part of the pan African Ecobank Group, which maintains presence across 33 African countries. The bank has 65 branches, numerous point of sale terminals, many Quick Response (QR) codes in stores and over 248 Automated Teller Machines (ATMs) across Ghana.
The successful implementation of the eCedi will depend on its ability to drive financial inclusion, enhance payment efficiency and build public trust while avoiding the adoption challenges experienced by Nigeria’s eNaira, which by March 2024 accounted for just 0.36 percent of total money in circulation.
Source: newsghana.com.gh
