Ghana is accelerating its transition toward a digitally driven economy following renewed commitment from the Bank of Ghana to introduce a Central Bank Digital Currency known as the eCedi.
The assurance was delivered by the First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, during the Cedi at 60 International Currency Conference in Accra. The Deputy Governor described the digital cedi as a transformative national project that is expected to redefine the future of financial transactions, expand inclusion, and modernise the country’s payment infrastructure.
Speaking at the Accra International Conference Centre, Dr Mumuni noted that despite the impressive improvements in Ghana’s payment ecosystem, cash still remains the most interoperable form of value. He added that this reality makes the case for a digitised version of the national currency even stronger. He stated that “Even with all the progress we have made, cash remains the most interoperable value in our financial system. And that is precisely why the journey toward a digital cedi matters.”
Ghana’s payment landscape has evolved significantly over the past two decades. Early reforms included the introduction of the Ghana Interbank Settlement System which was one of the first real-time gross settlement systems in Sub-Saharan Africa.
Subsequent innovations such as the Automated Clearing House, the Cheque Codeline Clearing System, the biometric e zwich smart card and the Gh Link ecosystem laid the foundation for interoperable digital payments. These developments set the stage for GhIPSS Instant Pay which today supports real-time transfers between banks and mobile money wallets.
A major turning point came with the introduction of mobile money in 2009. The growth has been dramatic and demonstrates the rapid pace of Ghana’s digital transition. As Dr Mumuni revealed, “In 2015, mobile money transactions accounted for just 3.4% of RTGS transaction value. By 2024, that figure had grown to nearly half.” This surge shows how digital payments have become central to households, small and medium-sized businesses and corporate entities.
Dr Mumuni explained that the rapid shift toward digital payments makes the introduction of the eCedi even more urgent. The digital cedi, which will be issued and regulated solely by the Bank of Ghana, is expected to provide a secure and accessible digital alternative that complements existing financial channels. He defined it clearly during the presentation.
“The eCedi is Ghana’s Central Bank Digital Currency, a digital representation of the Ghanaian cedi, issued and regulated by the Bank of Ghana.”
It is designed with features that support financial inclusion including accessibility through mobile wallets and the ability to function offline. This is particularly beneficial for communities with unreliable internet connectivity.
In outlining the benefits, the Deputy Governor said the eCedi will enhance the efficiency and reliability of retail payments while reducing fraud, counterfeiting, and illicit financial activity. He further noted that the digital cedi will promote innovation by giving fintech companies and banks a stable platform to develop new financial products. The digital currency will also strengthen the transmission of monetary policy and improve the central bank’s ability to respond to macroeconomic challenges.
Despite the opportunities, Dr Mumuni acknowledged that there are challenges that must be addressed to ensure safe and widespread adoption. Key concerns include digital literacy gaps particularly in rural and underserved communities and cybersecurity threats that could affect trust in the system. He emphasised that strong data protection policies will be crucial given that the digital infrastructure will process sensitive financial information.
The Bank of Ghana remains confident that Ghana is well positioned to implement a central bank digital currency because of the country’s already robust digital foundations. These include a nationwide biometric identification system, a digital addressing system and an integrated payments ecosystem supported by interoperability across platforms. The Deputy Governor highlighted Ghana’s youthful and digitally aware population as another advantage that positions the country for a successful rollout.
Dr Mumuni concluded that the eCedi is more than a technological advancement. He described it as a strategic step toward building a resilient, secure and inclusive economy that reflects Ghana’s long-term development vision. As he explained in his final remarks, “The eCedi represents Ghana’s next step toward a resilient, inclusive, and digitally driven economy.”
He added that the introduction of a digital national currency places Ghana among the forward looking nations using digital innovation to strengthen financial sovereignty and enhance economic competitiveness.
