Dr. Bawumia highlights E-Cedi’s potential in combatting money laundering; reveals plans to fast-track rollout of digital currency
Vice President Dr. Mahamudu Bawumia, recently unveiled plans to accelerate the implementation of the E-Cedi, highlighting its potential in curbing money laundering and corruption.
The E-Cedi, developed by the Bank of Ghana in 2021 as a digital equivalent of the local currency, underwent a successful pilot phase.
However, its official launch has been postponed due to what the Bank of Ghana has termed as economic disruptions.
Speaking at the 14th Commonwealth Regional Conference for Heads of Anti-Corruption Agencies in Africa, Dr. Bawumia emphasized the significance of leveraging digital technologies to combat corruption.
He noted that digital tools are instrumental in tracking money and detecting suspicious activities, highlighting the ongoing collaboration with the central bank in the introduction of a Central Bank Digital Currency (CBDC), known as the E-Cedi.
Dr. Bawumia underscored the potential of the E-Cedi as a powerful tool in the fight against corruption, citing its ability to facilitate easy tracking of money movements, identify suspicious transactions, and provide high-level transparency while safeguarding privacy through appropriate measures.
He expressed confidence that the CBDC would significantly enhance transparency, mitigate fraud risks, and reduce instances of tax evasion and money laundering.
“We are also using digital technology to track money and suspicious activity and we are working very closely with the central bank and they are piloting to introduce a central bank digital currency (CBDC) which we call the E-Cedi.
