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Ghana May Launch National Digital Currency in Near Future

  • Ghana central bank will lead a pilot of a national blockchain-based digital currency likened to a stablecoin
  • Ghana recorded 1.4 billion Mobile Money transactions in 2018, with e-payments booming in the country

The Governor of the Bank of Ghana, Ernest Addison, has announced that the Central Bank and key stakeholders are piloting a digital currency in a sandbox environment, and may release a national digital currency called the e-cedi in the near future. This puts Ghana among a growing list of countries that have announced their interest in launching a Central Bank Digital Currency (CBDC), including China, United States, Marshall Islands, Turkey, and Iran, among others.

Addison commented: “The digital age provides enormous potential for the financial sector to re-orient itself to satisfy the new consumer and business demands for financial services”.

As with other CBDCs, Ghana’s digital currency would likely use blockchain technology and be similar to a stablecoin, with citizens being able to exchange e-cedi for regular fiat cedi. The benefit of blockchain technology is that it provides cryptographic security, everything can be tracked from a single distributed ledger which increases trust in the system, and transactions are instant. Also, a permissioned blockchain can be used by the government to stay in control of the flow of digital currency.

Ghana has already seen growth in the electronic payments sector, with a nationwide service called Mobile Money seeing a volume increase from 982 million transactions in 2017 to 1.4 billion transactions in 2018. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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