Ghana moves closer to digital currency launch

Updated Jun 25, 2020 | Published Jun 24, 2020
[2 mins read]
Dr. Maxwell Opoku-Efari, deputy head of the Bank of Ghana, has confirmed that the central bank is committed to push for a mass adoption of a digital currency with an imminent test of the country’s first such currency.
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The country is awaiting the first test launch of its Blockchain (CBDC)-powered currency that could bring about a tremendous shift in the economy of the African country. Ultimately, the test must serve one purpose – the full digitalisation of Ghana’s financial sector.

With the CBDC’s launch anticipate, the Bank of Ghana has confirmed that digital financial technologies would lead the way in the banking sector and shape its future. Countries such as Nigeria and Ghana, although on the periphery of the western world, are showing great potential.

Even Twitter founder, Jack Dorsey, said that cryptocurrency could bring an unprecedented financial revolution in Africa and set global trends. So far, the digitalisation of currencies has been timid, but China is conducting a mass experiment and hosting special administrative regions dedicated to blockchain technology and development.

These regions are similar to what Macau is to gambling in China. The regions benefit from a special status where piloting projects is encouraging by the government. However, Ghana’s experiment will target the better part of the country and should the test turn out to be a success, CBDC may become the new norm for the African country’s financial system.

Introducing digital currencies would have its benefits in other areas as well. One such is online gaming, and although just a form of entertainment, is a key place where digital currencies are used effectively.

In Nigeria already, there have been projects that focus on online gaming, such as Quanta and its blockchain lottery solution.

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CGN senior journalist 

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