The latest central bank digital currency (CBDC) plan of the Bank of Ghana (BoG) was met with skepticism because the internal independent association Afroblocks speculated that the central bank’s intentions lacked clarity.
Afroblocks (formerly known as Ghana Blockchain Association) warn BoG avoids “old traditional isolated financial thinking” when planning and developing its digital currency.
On the contrary, Afroblocks co-founder Omar Majdoub stated that the success of CBDC in Ghana will lie in its ability to imitate modern cryptocurrencies—that is, borderless and decentralized.
This BoG has cooperated with Germany Giesecke+Devrient (G+D), the securities printing company of the CBDC project, will provide solutions based on the unique requirements of Ghana and its citizens. This collaboration will enable G+D to use its proprietary CBDC solution Filia to issue a digital version of Ghana’s cedi, which will be tested by local banks, businesses and citizens.
Although G+D participated in the CBDC pilot in Ghana, Majdoub pointed out that BOG is unwilling to discuss developments openly with national organizations with similar experience and expertise:
“There are very few public details about CBDC. We are very willing to contribute our expertise if needed.”
Majdoub also questioned Ghana’s position on crypto assets because the country currently does not provide regulatory clarity related to cryptocurrencies.
For the success of the upcoming e-cedi, Majdoub urges the central bank to disclose its CBDC plan and “intentions regarding cryptocurrency” to the public.
Ghana’s Vice President Mahmudu Bawumia expressed support for BoG’s pilot CBDC in the region The “single central payment” system can promote trade Between African countries.
At the Fifth Ghana International Trade and Finance Conference, Bawumia stated that digital payment systems can correct the costly and time-consuming process of transporting goods across the African border.