BoG delays eCedi roll-out amid economic uncertainty
The Bank of Ghana (BoG) is yet to finalize a roadmap for the official roll-out of the eCedi, despite the successful completion of its pilot phase last year, according to Kwame Oppong, Head of FinTech and Innovation at the BoG. The delay in introducing the digital currency is attributed to the prevailing economic challenges in the country, marked by high inflation, mounting debt, and an escalating cost of living.
Mr. Oppong explained the BoG’s stance during the Africa Money & DeFi Summit West Africa in Accra, emphasizing the need for economic stability before launching the eCedi. He stated, “We completed the pilot successfully last year. Internally, we continue to work on it [eCedi]. However, due to the economic instability, it’s crucial to ensure stability before introducing it. Even product developers like yourselves, you don’t introduce products in the midst of instability.”
The eCedi is a crucial component of Ghana’s financial sector digitization program, which aims to enhance financial inclusion and stimulate economic growth. However, the ongoing economic difficulties have prompted the central bank to postpone its official release.
As part of preparations for the eventual introduction of the eCedi, the central bank recently launched the eCedi hackathon program in collaboration with Emtech during the Africa Money and DeFi Summit West Africa. This initiative brings together domestic innovators and developers to collectively develop solutions that will expedite the introduction of the eCedi.
Mr. Oppong emphasized the importance of harnessing the creativity of young developers and innovators in Ghana to develop use-cases for the eCedi. He stated, “This demonstrates our commitment to considering eCedi as an enabler of the broader ecosystem rather than a competing product.”
Carmelle Cadet, Founder and CEO of Emtech, highlighted the hackathon as a significant opportunity for collaboration with the Bank of Ghana and the development of a “future-proof digital currency solution for the central bank.”
The Africa Money and DeFi Summit West Africa brought together leaders from African FinTech and the crypto industry, as well as international counterparts, for networking and discussions on various financial sectors, including FinTech, payments, decentralized finance (DeFi), crypto, and digital lending, among others.
