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The governor of Ghana\u2019s central bank, Ernest Addison, has said his institution is now \u201cin the advanced stages of introducing a digital currency.\u201d However, before its release into circulation, the digital currency\u2014which is also known as the \u201ce-cedi\u201d\u2014 will first have to go \u201cthrough three phases.\u201d<\/strong><\/p>\n In his comments during a news<\/a> conference on May 31, Addison also reiterated the Bank of Ghana (BOG)\u2019s desire to maintain its reputation as Africa\u2019s leader when it comes to embracing emerging financial technologies.<\/p>\n \u201cThe Bank of Ghana was one of the first African Central Banks to declare that we were working on a digital currency looking at the concept of an e-cedi,\u201d revealed Addison.<\/p>\n Meanwhile, one local media report<\/a> quotes the BOG chief explaining the key phases which the digital cedi is expected to pass through before its release to the public. As Addison notes, the digital cedi has already gone through the initial phase which involved \u201cthe design of the electronic money.\u201d<\/p>\n Once this process is complete, the BOG will then move to the implementation stage. Addison explained:<\/p>\n After the implementation phase, we have a pilot phase where a few people would be able to use the digital cedi on the mobile applications and other applications that are currently running.<\/p>\n<\/blockquote>\n According to the governor, it will be this implementation stage that will help the central bank to determine the feasibility of the project.<\/p>\n <\/ins> <\/ins> <\/p>\n Meanwhile, Addison also used the same news conference to draw comparisons between the \u201cunregulated\u201d cryptocurrencies like bitcoin (BTC)<\/a>, which is \u201ctoo volatile to play the function of money\u201d and the state-backed cedi. Reiterating his backing central bank digital currencies, Addison said:<\/p>\n \u201cI think there is a lot more emphasis on looking at digital money which is backed by the state, backed by the central banks. These private forms of money really are not able to perform the functions of money effectively.\u201d<\/p>\n In the meantime, with this revelation, Ghana becomes one of the few countries on the African continent to take concrete steps towards this goal. Many other African states are yet to make similar progress.<\/p>\nBank of Ghana\u2019s Embrace of Emerging Fintechs<\/h2>\n
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BTC<\/a> vs E-cedi<\/h2>\n