Ghana’s planned central bank digital currency (CBDC), the digital cedi, will play a central role in the country’s transition to a modern cashless economy, the Bank of Ghana’s First Deputy Governor, Dr Zakari Mumuni said on Tuesday.
Speaking at the Cedi@60 International Currency Conference in Accra, he said Ghana’s payment ecosystem had been “transformed” over the past decade, driven mainly by rapid growth in mobile money.
“In 2015, mobile money transactions accounted for 3.4 percent of RTGS transaction value. By 2024, that figure is nearly half,” he said. “Digital payments are no longer peripheral; they are now a central pillar of Ghana’s financial system.” He said the digital cedi (ECD) would build on this shift by providing a secure, sovereign and interoperable platform backed by the central bank.
CBDC aims to boost inclusion and cut cash-handling costs
The deputy governor said the e-cedi is being developed to support the government’s digitalisation agenda and expand access to financial services.
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“The e-cedi will provide a secure and efficient digital payment option and further extend inclusion, particularly in underserved areas,” he said. The currency will function both online and offline to reach users in low-connectivity regions.
He noted that issuing physical cash remains costly due to printing, storage and distribution. “The e-cedi will digitise this process and improve efficiency across the currency lifecycle,” he said.
Central bank expects gains in transparency, policy transmission
The e-cedi is expected to enhance transparency and reduce financial crime, he said, arguing that transactions would carry regulatory oversight and traceability.
“It will strengthen trust, transparency and security,” he said, adding that the CBDC would also give policymakers better visibility of money flows. “It will allow us to respond more effectively to macroeconomic conditions, supporting our objective of price stability.”
Digital literacy and infrastructure gaps remain obstacles
Ghana’s existing digital systems including the national ID database, digital addressing platform and interoperable payment networks position the country well for a CBDC rollout, he said.
But Dr Mumuni warned that limited digital literacy and infrastructure gaps, particularly in rural areas, could hinder adoption.“A considerable portion of the population lacks the digital skills needed to use mobile devices and digital wallets,” he said. “Comprehensive digital literacy programmes are needed to ensure safe and secure use of the e-cedi.”
He also identified cybersecurity as a risk but said the e-cedi architecture is being designed to meet “very high security standards”.
About the e-cedi
The e-Cedi has not yet been fully launched as a national currency, iit is still in development. The Bank of Ghana announced work on the e-Cedi in June 2021. In July 2021, the BoG said it would start pilot testing the e-Cedi in a sandbox in September 2021. The central bank officially partnered with fintech firm Giesecke+Devrient (G+D) in August 2021 to support the pilot of the CBDC. The new central bank management is planning to relaunch the e-cedi.
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