Ghana is gearing up to introduce its long-awaited central bank digital currency (CBDC), the e-Cedi, marking a significant step in the country’s financial evolution. Initially leading the CBDC race in Africa, Ghana lost momentum when Nigeria debuted the eNaira over three years ago. Now, with final approvals pending, the Bank of Ghana (BoG) is set to roll out the e-Cedi in 2025.
Learning from Nigeria’s eNaira Challenges
Nigeria’s eNaira, Africa’s first CBDC, faced considerable hurdles, and Ghana is taking notes to avoid similar pitfalls. Adoption rates have remained low, with less than 0.5% of Nigerians using the digital currency in its first year. By March 2024, it accounted for only 0.36% of total money in circulation. Factors such as unreliable electricity, weak financial infrastructure, distrust in government policies, and security concerns have stunted its growth.
Offline Functionality Could Be a Game-Changer
Ghana aims to differentiate the e-Cedi by introducing offline functionality, allowing users to transact without an Internet connection. This feature could be a major advantage, particularly in rural areas where digital connectivity remains limited. According to Kwame Oppong, BoG’s fintech and innovation head, the e-Cedi is designed to function like physical cash, offering financial inclusion for the unbanked population.
A Necessity or an Unnecessary Innovation?
Despite the BoG’s optimism, global debates over the necessity of CBDCs persist. Some nations have abandoned their plans, arguing that existing payment solutions are sufficient. However, Ghana maintains that an offline-compatible digital currency could offer unique advantages over traditional instant payment systems by ensuring transactions continue even when network services are down.
A Centralised Approach for a Smoother Rollout
Unlike other central banks exploring blockchain-based CBDCs, Ghana is opting for a centralised system at launch. While future blockchain integration remains a possibility, the BoG believes starting with a simpler structure will facilitate a smoother transition into digital finance. As Ghana moves closer to the official release, all eyes will be on whether the e-Cedi can succeed where others have struggled.
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