Bank of Ghana All Geared Up for Testing CBDC in September 2021

Ghana is saying that its CBDC will be based on the model of fiat and therefore it will easily be adopted by the banking sector and fintech companies as well. BOG’s Maxwell Opoku-Afari said that the initial phase of CBDC’s test will start in September and only after successfully conducting the test phase, CBDC will be issued for public use.

Ghana is curious to make sure that it should be the first country in the African region to launch its CBDC. Teams have been working on the project day and night in an effort to make sure that the project reaches its initial testing phase.

It has been told by the Bank of Ghana’s Governor, Ernest Addison that the CBDC project is in its final stages of development. He was of the view that he is certain that Ghana is going to be the first country in Africa to develop its official CBDC. According to him, when it comes to embracing innovation and creativity within the financial sector, Ghana is the pioneer in Africa.

Soon after the statement of BOG’s Governor, it was the bank’s Deputy Governor who also endorsed the upcoming completion of CBDC’s project. Maxwell Opoku-Afari informed that very soon, particularly in the month of September this year, CBDC will be ready for testing. He also suggested that with the launch of CBDC, the scope of digital currencies in Ghana will be automatically uplifted. He commented that the Bank of Ghana has complete confidence in the need to have a CBDC in place. Once the CBDC is out, the bank will make further efforts to ensure that a platform is provided for the success of CBDC.

Opoku-Afari stated further that the project of CBDC is being carried out as per the proposed designs and structure. In addition, the security features of the CBDC have been fully taken into account and the features include all the latest top-notch security protocols.

Many of the central banks in Africa have shown their interest in developing CBDCs. However, a few of them are already working on their respective CBDC projects and are at different stages of completion. But Ghana is leading the continent with regard to its digital currency.

It has further been pointed out by BOG that Ghana’s CBDC will be the first of its kind. The bank claims that the upcoming CBDC is capable of being used as a fiat currency. The model of Ghana’s CBDC is entirely based on the concept of a usual “fiat” currency. Therefore, there will be no hesitation amongst the banking and fin-tech sector to adopt the upcoming CBDC, said BOG.

However, the CBDC will be issued for public usage subject to it passing the initial testing phase. If it passes the test then it will be duly approved by BOG.