The First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, says the country’s proposed Central Bank Digital Currency (CBDC), the eCedi, faces key challenges including cybersecurity risks, digital literacy gaps, limited digital infrastructure, and data protection concerns.
Speaking at the Cedi@60 International Currency Conference in Accra, he explained that while the eCedi represents a strategic vision for Ghana’s digital future, its successful implementation will depend on addressing these vulnerabilities.
Dr. Mumuni noted that, like all digital financial products, the eCedi “faces cybersecurity risks,” which must be mitigated through strong technical safeguards. These include measures such as separating the issuance and distribution modules of the eCedi’s core infrastructure to strengthen system security.
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He added that digital literacy remains a major barrier, particularly in rural and underserved communities where many lack the skills to use digital wallets and similar technologies. According to him, nationwide digital literacy programmes will be essential to build trust and encourage adoption.
Another concern he identified is the country’s uneven digital infrastructure, with unreliable connectivity and limited device access in some areas. In response, the central bank has built offline functionality into the eCedi to ensure users can transact securely even without internet access.
Dr. Mumuni also highlighted data protection as a critical issue. Since the platform will collect sensitive transactional information, he stressed the need for robust policies to prevent misuse or unauthorised access.
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Despite these challenges, the First Deputy Governor emphasised that the eCedi remains central to Ghana’s long-term digital transformation. He said the digital currency will enhance payment efficiency, deepen financial inclusion, strengthen trust and security in transactions, and support innovation across the financial sector.
“The eCedi marks a pivotal step in Ghana’s digital transformation,” he stated, adding that it will help build a more resilient, inclusive, and modern financial ecosystem aligned with the country’s national digitisation agenda.
Source: Starrfm.com.gh
