Bank of Ghana Targets September Launch for New Digital Asset Regulatory Framework
- Exclusive: Dr. Johnson Asiama tells NorvanReports the eCedi is still on the agenda—but digital asset oversight is the immediate priority
Ghana remains committed to launching a Central Bank Digital Currency (CBDC) in the medium term, but for now, the immediate focus will shift to tightening oversight of unregulated digital asset platforms such as cryptocurrency exchanges, according to Dr Johnson Asiama, Governor of the Bank of Ghana.
In an exclusive conversation with NorvanReports during the IMF/World Bank Spring Meetings in Washington, the Governor revealed that while the eCedi pilot had concluded before his return to the Bank, he remains a “strong believer” in its long-term potential.
“We will be working toward full implementation,” Dr Asiama stated. “But let me be quick to say we have other, more urgent things to do, especially when it comes to digital assets like cryptocurrency, which remain unregulated in Ghana.”
The eCedi pilot, one of Africa’s earliest CBDC experiments, was launched by the Bank of Ghana. The pilot examined offline usability, retail payment systems integration, and financial inclusion impact. However, rollout has since slowed, awaiting new policy momentum under a fresh leadership mandate.
Cryptocurrency Oversight Takes Priority
The Governor’s comments mark a notable shift in central bank priorities. While CBDCs remain a strategic ambition, unregulated digital platforms, particularly cryptocurrency exchanges, pose a more urgent financial integrity risk.
“My understanding is that Binance has an office in Accra,” he said. “But nobody’s talking to them. There’s no visibility on what they’re doing. They are not paying taxes.”
According to the Governor, a dedicated regulatory unit has been established within the Bank, and work is accelerating in partnership with the Securities and Exchange Commission (SEC) to introduce a digital asset regulatory framework. This effort is guided by Ghana’s obligations under the GIABA (Inter-Governmental Action Group against Money Laundering in West Africa), which mandates that member states develop crypto oversight legislation by September 2025.
“We are working fast. The regulation must be ready by September,” he said. “It’s safer that way. It’s more efficient. And it gives us a better ability to track the transactions that go on in that space.”
The framework is expected to bring licensing, tax compliance, and transactional transparency to platforms operating in Ghana’s largely informal digital finance space.
Balancing Innovation with Risk
Dr. Asiama’s remarks point to a balancing act increasingly common among emerging market central banks: how to embrace innovation without undermining monetary sovereignty or exposing the financial system to illicit flows.
While many countries have rushed to implement CBDCs, the Governor’s cautious timeline suggests Ghana is more focused on sequencing reform to avoid overreach. “It won’t be immediate,” he reiterated. “But in the medium term, the eCedi is coming.”
His approach reflects a dual imperative: assert regulatory authority over digital assets that already have real-world traction while maintaining space for thoughtful innovation in monetary technology.
As the September deadline for digital asset regulation looms, Ghana’s financial sector may be entering a new chapter where visibility, transparency, and accountability shape the future of money in one of West Africa’s most dynamic economies.
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Editor’s Note: This story is part of NorvanReports’ special series on Ghana’s central bank policy direction, emerging from the 2025 IMF and World Bank Spring Meetings.
CURTAILING RISKS ASSOCIATED WITH CBDC TO EASE WEALTH GENERATION – A PROPOSAL BY SALIM F. HANNAWI.
PART 1: The Silent Threat of CBDCs
Proposal Title: “Exposing the Risks of Central Bank Digital Currencies (CBDCs):- A Wake-Up Call for Financial Privacy, Personal Freedom, and Market Stability”
Executive Summary:-
This proposal highlights the dangers of CBDCs, emphasizing their potential to undermine financial privacy, personal freedom, and market stability. I urge policymakers to acknowledge these risks and take proactive measures to mitigate them.
Key Points:
1. Erosion of Financial Privacy:- CBDCs enable real-time monitoring and tracking of transactions, compromising personal financial autonomy.
2. Threats to Personal Freedom:- CBDCs can facilitate censorship, surveillance, and manipulation, endangering individual autonomy and choice.
3. Market Instability – A perception or a reality:- CBDCs risk disrupting traditional banking systems, potentially leading to asset bubbles, inflation, and economic instability.
PART 2: Guaranteeing Financial Privacy, Personal Freedom, and Market Stability through Digital Currency Innovation – Today’s Reality.
Proposal Title: “Digital Cedi: A Revolutionary Approach to Financial Empowerment, Wealth Generation, and Phased Sustainable Development”
Executive Summary:
This proposal outlines a comprehensive framework for creating a digital currency, “Digital Cedi,” or the eCedi designed to:
1. Guarantee Financial Privacy:- Implementing privacy-preserving technologies to protect users’ financial information.
2. Safeguard Personal Freedom:- Ensuring decentralized governance and preventing censorship.
3. Ensure Market Stability:- Regulating Digital Cedi circulation to prevent inflation and maintain economic balance.
4. Generate Wealth:- Funding local industries, state corporations, and human capital development projects, leveraging lower digital currency generation costs as opposed to cost of fiat currency whilst minimising inflation through specific use of the Digital Currency generated on the CBDC platform.
5. Promote Sustainable Development: Supporting Ghana’s mineral resource extraction and processing, driving economic growth in accordance with the provisions of Act 690. The provisions in the amendments so far made needs to be amended to suit CBDC Platforms and not just block chain / pseudo crypto currency regulation et al. There’s more to this.
Key Components:
1. Digital Cedi Generation:- Utilizing blockchain technology to create a secure, decentralized digital currency or a centralised ledger. Keywords Currency backed by “Trust”.
2. Privacy-Preserving Measures:- Implementing zero-knowledge proofs, homomorphic encryption, and secure multi-party computation.
3. Decentralized Governance:- Establishing an independent, transparent governance structure.
4. Inflation Control Mechanisms:- Implementing algorithms to regulate Digital Cedi circulation. This must be phased to ensure specific use for specific results before rolling out all features of the CBDC Platform (Central Bank / Retail Banks / KYC / Wallets / Cross Border Payments / Balance of Payments / Revenue Streams / Retail Partners / Wide Adoption etc).
5. Industry Funding:- Allocating Digital Cedi to support local industries, state corporations, and human capital development projects in accordance with Act 690 (and any amendments thereof to suit purpose – “The Act”).
Legislative Recommendations:
1. Enact privacy-protecting regulations for digital currencies. Bearing in mind the fears of the minority will not dictate the pace.
2. Establish an independent Digital Cedi governance authority. A legislative instrument in support of the intricacies and clarity on provision in the Act is a must. There’s more to this.
3. Implement inflation control mechanisms. Zero to minimum foreign exchange components in all funded projects is a must and at best, any spread between buying and selling of forex can go to the common fund or in accordance with sections of the Act.
4. Allocate Digital Cedi for industry funding and human capital development. In the long run, the tax benefits are enormous.
5. Implement anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations – a comon place in the digital age.
6. Establish clear guidelines for Digital Cedi or the eCedi usage in mineral resource extraction, processing and stockpiling. Forex Reserves, Balance of payments etc can be taken care of – think of the full mandate as per the Act and Forex Purchases / Forex Auctions etc.
7. Provide incentives for businesses adopting Digital Cedi or the eCedi. Market penetration strategies, onboarding, adoption, revenue streams from transaction fees and other benefits.
8. Develop education and awareness programs for Digital Cedi adoption.
Implementation Roadmap:
Quarter 1-2:
– Establish Digital Cedi governance authority
– Develop privacy-preserving technologies
– Implement decentralized governance
– Identify and Mitigate Inflation Control Mechanisms
Quarter 3-4:
– Launch Digital Cedi pilot program
– Test inflation control mechanisms
– Refine industry funding allocation
Year 2-3:
– Phased Digital Cedi or eCedi usage for specific
projects
– Full-scale Digital Cedi implementation
– Expand industry funding
– Monitor and evaluate progress
Year 4-5:
– Review and refine regulations
– Enhance education and awareness programs
– Explore international cooperation
Budget Allocation:
– Digital Cedi / eCedi development: 30%
– Privacy-preserving technologies: 20%
– Decentralized governance: 15%
– Industry funding: 20%
– Education and awareness: 10%
– Contingency fund: 5%
Conclusion:
By prioritizing financial privacy, personal freedom, and market stability, we can drive economic growth, promote human capital development, and solidify Ghana’s position as a leader in digital innovation and sustainable development.
By adopting this comprehensive approach, Ghana can adopt a Digital Cedi / eCedi initiative that offers a groundbreaking opportunity for Ghana to pioneer a secure private ledger / decentralized, revolutionary and sustainable digital currency.
Recommendations:
1. Approve the Digital Cedi proposal but with controlled use for specifics to control inflation.
2. Allocate necessary resources
3. Establish a task force for implementation
Appendix:
1. Technical Specifications:
a. Blockchain platform
b. Consensus algorithm
c. Smart contract details
d. Digital Cedi / eCedi tokenomics
1. Economic Impact Analysis:
a. Job creation projections
b. GDP growth estimates
c. Inflation control measures
d. Industry funding allocation breakdown
1. Legal and Regulatory Framework:
a. Draft legislation
b. Regulatory body setup
c. Compliance guidelines
d. International cooperation agreements
1. Implementation Timeline:
a. Milestones
b. Key performance indicators (KPIs)
c. Risk management plan
d. Contingency funding allocation
1. Education and Awareness Strategy:
a. Public outreach programs
b. Industry training initiatives
c. Digital literacy campaigns
d. Collaboration with educational institutions
1. International Cooperation:
a. Partnerships with foreign governments
b. Collaboration with international organizations
c. Cross-border payment agreements
d. Global digital currency standards
Annex:
1. Expert testimonials
2. Case studies
3. Research papers
4. Infographics
5. FAQs
This comprehensive proposal outlines a clear roadmap for Ghana’s digital currency journey, addressing technical, economic, legal, and social aspects. We believe that the Digital Cedi will propel Ghana into a new era of financial inclusion, economic growth, and sustainable development.
As a consultant, I’m here and ready to open up to Ghana’s development through the Central Bank’s Digital Currency Platform Strategic Implementation Committee and a guided implementation process.
Salim F. Hannawi – +233 5004 11 111.
It is terrible to think that last night I spent hours upon hours in responding to this article with extensive contributions only to find out this morning that my well meaning and structured comment has been deleted.
CURTAILING RISKS ASSOCIATED WITH CBDC TO EASE WEALTH GENERATION – A PROPOSAL BY SALIM F. HANNAWI.
PART 1: The Silent Threat of CBDCs
Proposal Title: “Exposing the Risks of Central Bank Digital Currencies (CBDCs):- A Wake-Up Call for Financial Privacy, Personal Freedom, and Market Stability”
Executive Summary:-
This proposal highlights the dangers of CBDCs, emphasizing their potential to undermine financial privacy, personal freedom, and market stability. I urge policymakers to acknowledge these risks and take proactive measures to mitigate them.
Key Points:
1. Erosion of Financial Privacy:- CBDCs enable real-time monitoring and tracking of transactions, compromising personal financial autonomy.
2. Threats to Personal Freedom:- CBDCs can facilitate censorship, surveillance, and manipulation, endangering individual autonomy and choice.
3. Market Instability – A perception or a reality:- CBDCs risk disrupting traditional banking systems, potentially leading to asset bubbles, inflation, and economic instability.
PART 2: Guaranteeing Financial Privacy, Personal Freedom, and Market Stability through Digital Currency Innovation – Today’s Reality.
Proposal Title: “Digital Cedi: A Revolutionary Approach to Financial Empowerment, Wealth Generation, and Phased Sustainable Development”
Executive Summary:
This proposal outlines a comprehensive framework for creating a digital currency, “Digital Cedi,” or the eCedi designed to:
1. Guarantee Financial Privacy:- Implementing privacy-preserving technologies to protect users’ financial information.
2. Safeguard Personal Freedom:- Ensuring decentralized governance and preventing censorship.
3. Ensure Market Stability:- Regulating Digital Cedi circulation to prevent inflation and maintain economic balance.
4. Generate Wealth:- Funding local industries, state corporations, and human capital development projects, leveraging lower digital currency generation costs as opposed to cost of fiat currency whilst minimising inflation through specific use of the Digital Currency generated on the CBDC platform.
5. Promote Sustainable Development: Supporting Ghana’s mineral resource extraction and processing, driving economic growth in accordance with the provisions of Act 612 (The Act). The provisions in the amendments so far made needs to be amended to suit CBDC Platforms and not just block chain / pseudo crypto currency regulation et al. There’s more to this.
Key Components:
1. Digital Cedi Generation:- Utilizing blockchain technology to create a secure, decentralized digital currency or a centralised ledger. Keywords Currency backed by “Trust”.
2. Privacy-Preserving Measures:- Implementing zero-knowledge proofs, homomorphic encryption, and secure multi-party computation.
3. Decentralized Governance:- Establishing an independent, transparent governance structure.
4. Inflation Control Mechanisms:- Implementing algorithms to regulate Digital Cedi circulation. This must be phased to ensure specific use for specific results before rolling out all features of the CBDC Platform (Central Bank / Retail Banks / KYC / Wallets / Cross Border Payments / Balance of Payments / Revenue Streams / Retail Partners / Wide Adoption etc).
5. Industry Funding:- Allocating Digital Cedi to support local industries, state corporations, and human capital development projects in accordance with The Act (and any amendments thereof to suit purpose).
Legislative Recommendations:
1. Enact privacy-protecting regulations for digital currencies. Bearing in mind the fears of the minority will not dictate the pace.
2. Establish an independent Digital Cedi governance authority. A legislative instrument in support of the intricacies and clarity on provision in The Act is a must. There’s more to this.
3. Implement inflation control mechanisms. Zero to minimum foreign exchange components in all funded projects is a must and at best, any spread between buying and selling of forex can go to the common fund or in accordance with sections of The Act.
4. Allocate Digital Cedi for industry funding and human capital development. In the long run, the tax benefits are enormous.
5. Implement anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations – a comon place in the digital age.
6. Establish clear guidelines for Digital Cedi or the eCedi usage in mineral resource extraction, processing and stockpiling. Forex Reserves, Balance of payments etc can be taken care of – think of the full mandate as per the Act and Forex Purchases / Forex Auctions etc.
7. Provide incentives for businesses adopting Digital Cedi or the eCedi. Market penetration strategies, onboarding, adoption, revenue streams from transaction fees and other benefits.
8. Develop education and awareness programs for Digital Cedi adoption.
Implementation Roadmap:
Quarter 1-2:
– Establish Digital Cedi governance authority
– Develop privacy-preserving technologies
– Implement decentralized governance
– Identify and Mitigate Inflation Control Mechanisms
Quarter 3-4:
– Launch Digital Cedi pilot program
– Test inflation control mechanisms
– Refine industry funding allocation
Year 2-3:
– Phased Digital Cedi or eCedi usage for specific
projects
– Full-scale Digital Cedi implementation
– Expand industry funding
– Monitor and evaluate progress
Year 4-5:
– Review and refine regulations
– Enhance education and awareness programs
– Explore international cooperation
Budget Allocation:
– Digital Cedi / eCedi development: 30%
– Privacy-preserving technologies: 20%
– Decentralized governance: 15%
– Industry funding: 20%
– Education and awareness: 10%
– Contingency fund: 5%
Conclusion:
By prioritizing financial privacy, personal freedom, and market stability, we can drive economic growth, promote human capital development, and solidify Ghana’s position as a leader in digital innovation and sustainable development.
By adopting this comprehensive approach, Ghana can adopt a Digital Cedi / eCedi initiative that offers a groundbreaking opportunity for Ghana to pioneer a secure private ledger / decentralized, revolutionary and sustainable digital currency.
Recommendations:
1. Approve the Digital Cedi proposal but with controlled use for specifics to control inflation.
2. Allocate necessary resources
3. Establish a task force for implementation
Appendix:
1. Technical Specifications:
a. Blockchain platform
b. Consensus algorithm
c. Smart contract details
d. Digital Cedi / eCedi tokenomics
1. Economic Impact Analysis:
a. Job creation projections
b. GDP growth estimates
c. Inflation control measures
d. Industry funding allocation breakdown
1. Legal and Regulatory Framework:
a. Draft legislation
b. Regulatory body setup
c. Compliance guidelines
d. International cooperation agreements
1. Implementation Timeline:
a. Milestones
b. Key performance indicators (KPIs)
c. Risk management plan
d. Contingency funding allocation
1. Education and Awareness Strategy:
a. Public outreach programs
b. Industry training initiatives
c. Digital literacy campaigns
d. Collaboration with educational institutions
1. International Cooperation:
a. Partnerships with foreign governments
b. Collaboration with international organizations
c. Cross-border payment agreements
d. Global digital currency standards
Annex:
1. Expert testimonials
2. Case studies
3. Research papers
4. Infographics
5. FAQs
This comprehensive proposal outlines a clear roadmap for Ghana’s digital currency journey, addressing technical, economic, legal, and social aspects. We believe that the Digital Cedi will propel Ghana into a new era of financial inclusion, economic growth, and sustainable development.
As a consultant, I’m here and ready to open up to Ghana’s development through the Central Bank’s Digital Currency Platform Strategic Implementation Committee and a guided implementation process.
Salim F. Hannawi – +233 5004 11 111.
This is a great move by Central Bank hence need a broader consultation with the technocrats to stear the affir leading to successful implementation for effective sustainable.
Thank you.