As small shops, market traders, fintech start ups and large corporations continue to adapt to a rapidly digitising commercial environment, the Bank of Ghana says the country is now ready for the next major leap in payments. That leap is the eCedi, a Central Bank Digital Currency expected to change how businesses receive money, pay workers, manage cash flow and interact with customers.
The Bank’s First Deputy Governor, Dr Zakari Mumuni, offered the clearest picture yet of what the business community should expect during the Cedi at 60 International Currency Conference held in Accra.
Although digital payments have become deeply rooted in the way Ghanaians do business, many traders still move around with large sums of cash. It is common to see shop owners refusing to accept certain transfers after specific hours because of delays in settlement.
It is also common to see businesses paying extra fees every week to withdraw mobile money funds. Dr Mumuni noted that while Ghana has made impressive gains in its payment systems, physical cash still dominates the economy. He reminded participants 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.”
The market has already shown signs of readiness. Ghana’s mobile money ecosystem has grown at a pace no one predicted a decade ago. The Bank of Ghana noted that mobile money, which once represented only a small fraction of total financial transactions, has rapidly become one of the strongest pillars of the economy. Dr Mumuni revealed that
“In 2015, mobile money transactions accounted for just 3.4% of RTGS transaction value. By 2024, that figure had grown to nearly half.” This shift reflects how businesses from online boutiques to commercial transport operators now depend on digital payments for their survival.
For businesses, the eCedi promises smoother operations. Payments are expected to move faster, which is likely to reduce delays in releasing goods and services. Many SMEs rely heavily on daily cash flow and often lose sales when payments take too long to reflect. The digital cedi is positioned as a potential solution because it will be issued directly by the central bank and can facilitate immediate transactions.
Cost also remains a major concern for businesses. Current mobile money charges can take a noticeable portion of profits, especially for small retailers, food vendors and riders. The eCedi may reduce some of these operational expenses because it removes certain intermediaries. That possibility has sparked interest among SMEs that struggle with thin profit margins.
Security is another strong selling point for businesses. Several merchants in Accra and Kumasi have reported losing money through fraudulent transfers or counterfeit cash. With the eCedi, every unit of currency will be authenticated through the Bank of Ghana’s digital infrastructure, reducing the risk of fraud. In his presentation, Dr Mumuni described the digital cedi as “a digital representation of the Ghanaian cedi, issued and regulated by the Bank of Ghana.”
Large corporations may also stand to benefit from the improved transparency and efficiency. Faster settlement times and digital traceability could strengthen supply chain payments and streamline payroll processing. Banks and fintech companies may also build new innovative products on the eCedi platform because of the stability it provides.
Still, the journey will not be without challenges. Dr Mumuni acknowledged that digital literacy remains an issue for many informal businesses, especially in rural communities. Cybersecurity concerns also require strict safeguards. Data protection will be crucial since the system will process sensitive financial records belonging to companies and customers.
Despite these challenges, Ghana’s digital foundations give businesses a strong starting point. The widespread use of the Ghana Card, the national digital address system and the interoperability between banks and mobile wallets all create a supportive environment for the eCedi. Ghana’s youthful and tech savvy population also remains an advantage as many consumers already prefer electronic payments over cash.
In his closing remarks at the conference, Dr Mumuni expressed optimism about how the eCedi will influence Ghana’s future. He said the digital currency represents “Ghana’s next step toward a resilient, inclusive, and digitally driven economy.” Businesses across the country will now be watching closely to see when the currency becomes available and how it can be integrated into their daily operations.
From large companies seeking efficiency to hawkers hoping to avoid high fees and long queues, the eCedi may soon become a central part of the way commerce is done in Ghana. For many, it represents not only a technological advancement but a new chapter in how businesses grow, interact and thrive in a modern digital economy.
