Digital Currency (eCedi) (Mar. 25-27) Virtual

Globally, the increasing diffusion of digitization in every sphere of human endeavour has necessitated the rethinking of how central banks execute their mandates effectively. This includes the issuance of a digital form currency to better support the emerging digital economy. A 2021 annual economic report by the Bank for International Settlements (BIS) indicate that about 86% of central banks are actively conducting research on the issuance of a Central Bank Digital Currency (CBDC), whereas 20% of the sampled central banks are likely to issue CBDC in the next 3 years.
Bank of Ghana is exploring a digital version of the cedi, known as the eCedi, to serve as a complement to cash and has been successfully tested in both online and offline use cases. This forms part of Ghana’s broader financial sector digitization agenda, aimed at formalizing the economy and promoting financial inclusion. The Bank’s digital currency could provide a universal means of payment for the digital era, while at the same time safeguarding consumer privacy and preserving the private sector’s primary role in retail payments and financial intermediation.