Digital Banking

Bank of Ghana partners with Giesecke to pilot digital currency

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August 11, 2021

The Bank of Ghana has partnered with Giesecke+Devrient, a global security technology company, to pilot a central-bank digital currency in Ghana. The digital Cedi will serve as an alternative to physical cash and help create a secure payment infrastructure in the country, according to a press release.

The currency will help customers without a bank account, contract or smartphone make payments. During the pilot, the bank will select a user group from a variety of demographic and socio-economic backgrounds to test the solution. The partners will also examine the impact on moneytary policy and legal implications.

"CBDC presents a great opportunity to build a robust, inclusive, competitive and sustainable financial sector, led by the Central Bank," Wolfram Seidemann, CEO of G+D Currency Technology business sector, said in the release. "From all indications, the concept has a significant role to play in the future of financial service delivery globally. This project is a significant step towards positioning Ghana to take full advantage of this emerging concept."