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The Bank of Ghana (BoG) has reaffirmed its unwavering commitment to launching a robust digital currency known as the eCedi, despite the delay in its rollout.
The Central Bank initially postponed the digital currency’s launch in 2022 due to the economic instability experienced during that period.
Kwame Oppong, the Head of Fintech and Innovation at the Bank of Ghana, stated that while the specific launch date has not been finalized, the institution is diligently working on establishing a strong digital currency that will serve as a catalyst for advancing digital financial inclusion.
Mr. Oppong shared these insights during the Africa Money and De-Fi Summit, an event hosted by the Bank of Ghana to launch a Hackathon aimed at developing innovative solutions for potential applications of the eCedi.
“The decision on when to potentially introduce the eCedi is yet to be determined. It is essential to prioritize certain foundational aspects. Introducing a new variable in the current economic climate requires careful consideration,” he explained.
“At the appropriate time, I am confident that the leadership of the Bank will reach a decision and communicate it to the public,” he added.
He emphasized that the ongoing exploratory efforts, such as the eCedi Hackathon and Sandbox initiatives, are integral steps in comprehensively understanding and ensuring the safety, relevance, and benefits of the future digital currency.
Andrew Fassnidge, Founder of the Africa Money and De-Fi Summit and Africa Tech Summit, recognized the progress made by African financial technology firms, particularly in the realm of mobile money services, to enhance digital inclusion.
However, he called on regulators to embrace decentralized financial instruments. He acknowledged that despite any regulatory reservations, decentralized finance is gaining momentum, and regulators need to adapt accordingly.
“The phenomenon is occurring, whether regulators agree or disagree. If people are experiencing issues with their local currencies or lack trust in them, they may seek alternative solutions. Regulators must keep pace with these developments,” he asserted.
With Africa’s growing prominence in the global financial landscape and the increasing adoption of financial technologies, the continent has become fertile ground for financial innovations and decentralized financial instruments. Therefore, the Africa Money and DeFi Summit serves as a vital platform for facilitating collaboration between regulators, industry leaders in African fintech, and international stakeholders.
Under the theme “Catalyzing the Financial Revolution in Africa,” the two-day summit aims to convene stakeholders to bolster the continent’s financial growth and explore new opportunities in a rapidly expanding market.
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