Deputy Governor of the Bank of Ghana Says the Central Bank’s Digital Currency is Fiat Money, Revealing the Pilot Phase Will Begin in September – Fintech Bitcoin News

Ghana’s proposed central bank digital currency is similar to fiat cash and therefore financial institutions as well as fintech startups can still build value on it, a Bank of Ghana (BOG) official said. However, the official, Maxwell Opoku-Afari, the BOG’s deputy governor, says approval to use the digital currency will depend on the outcome of the pilot phase.

Maintain Ghana’s lead

As previously reported by Bitcoin.com News, BOG announced that it is in the advanced stages of adopting a digital currency. At the time, BOG Governor Ernest Addison said the central bank’s move to adopt the CBDC fits in with its goal of maintaining the central bank’s position as Africa’s leader in adopting new financial technologies.

As a local media company reports, however, the first deputy governor has now announced that Ghana will start testing digital Cedi in a sandbox environment in September 2021.

CBDCs and added value

Meanwhile, in his comments after starting a two-day journalism training course, Opoku-Afari suggested that a digital cedi would improve digital transactions in the country. According to a report, Opoku-Afari said:

The digital currency is part of the central bank recognizing the need for digital payment and digital delivery of financial services. With this, the Bank of Ghana will offer a platform on which we can add more value to digital transactions.

The first deputy governor also stated that the BOG had taken the time to develop a digital currency with “all security features”.

While many African central banks have signaled or revealed the various stages of their CBDC research or piloting, BOG will be one of the first central banks on the continent to actually adopt digital currencies if it sticks to the schedules of its own roadmap.

What do you think of the latest remarks from a Bank of Ghana executive? Let us know what you think in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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