Bank of Ghana exec says that the institute is committed to its CBDC creation plan

• The bank of Ghana exec, Dr. Maxwell Opoku-Afari, has said that the bank remains committed to creating a CBDC.
• Since 2016, the bank has encouraged numerous interbank payments systems in Ghana. 
• The central bank has also authorized Ghana Commercial Bank to issue e-money.

Dr. Maxwell Opoku-Afari, the first deputy governor of the Bank of Ghana (BOG) has said that the bank remains committed to piloting a central bank digital currency, according to a recent GhanaWeb report. A few months back, the bank established a Fintech and Innovation Office to boost development in the local industries. Over the past few years, the BOG has adapted its organizational structure to respond to significant changes in the payments sector.

Despite these efforts by the central bank to encourage electronic cash transactions, Opoku-Afari highlighted that the bank’s specific CBDC pilot plans remain on solid ground. According to the report, the BOG started a Payment Systems Department back in 2016. Since then, it has encouraged numerous interbank payments systems in Ghana. Opoku-Afari believes the central bank has consistently displayed “leadership and foresight in creating the enabling environment for competitive, innovative and inclusive development of the financial sector."

The central bank has also authorized Ghana Commercial Bank to issue e-money and first announced its plan of developing a CBDC in 2019. Ernest Addison, the governor of the BOG, had said at the time that CBDC development would be pursued in a sandbox, with the stated “possibility of issuing an e-cedi in the near future.”