The eCedi, Ghana’s Central Bank Digital Currency, represents “a strategic step in strengthening Ghana’s financial system for the digital age,” according to Dr. Zakari Mumuni, First Deputy Governor of the Bank of Ghana.
Speaking at the Cedi@60 International Currency Conference at the Accra International Conference Centre, Dr. Mumuni outlined the country’s progress in digital payments and the role of the eCedi in advancing financial inclusion.
He highlighted Ghana’s payment ecosystem transformation over the years, noting, “Even with all the progress we have made, cash remains the most interoperable value in our financial system. And that is precisely why the journey toward a digital cedi matters.”
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Dr. Mumuni traced the evolution of Ghana’s payment systems, from the early implementation of the Ghana Interbank Settlement System, through innovations such as GhIPSS Instant Pay and mobile money interoperability, to the establishment of the FinTech and Innovation Office in 2020. He emphasised, “Digital payments are no longer peripheral. They have become a central pillar of our financial ecosystem.”
He explained that the eCedi will “enhance payment efficiency and resilience. A central-bank-backed digital instrument will make everyday payments faster, safer, and more reliable; even during market stress.” The digital currency is also intended to “deepen financial inclusion by providing access through digital wallets, mobile platforms, and other low-cost channels” while ensuring trust, transparency, and security.
On the benefits for innovation and the economy, Dr. Mumuni said the eCedi “provides a platform for fintechs and banks to develop new services and digital commerce solutions that enhance productivity. It improves monetary policy transmission, enabling better monitoring of money supply and quicker responses to macroeconomic conditions.”
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He also acknowledged challenges, including digital literacy gaps and cybersecurity risks, adding, “Comprehensive digital literacy programmes will be essential to build user trust and promote safe adoption.”
Concluding his presentation, Dr. Mumuni said the eCedi is “not merely a new form of money, it is a strategic instrument for strengthening our financial system and advancing national development. Through the eCedi, we are enhancing financial sovereignty, promoting inclusion, and fostering innovation across the economy.”
Source: Starrfm.com.gh
