German Firm Partners with Bank of Ghana to roll out digital currency

The Bank of Ghana (BoG) has announced a partnership agreement with the German currency technology platform, Giesecke+Devrient (G+D) to pilot a general-purpose financial institution Digital Currency (retail CBDC)
In a joint statement Wednesday, the 2 parties said G+D is providing the technology and developing the answer adapted to Ghana’s requirements, which is able to be tested during a trial phase with banks, payment service providers, merchants, consumers and other relevant stakeholders.
G+D will provide its proprietary CBDC solution referred to as Filia to pilot the issuance of a digital style of Ghana’s national currency, the cedi.

The project is an element of the ‘Digital Ghana Agenda’, which involves the digitization of the country of 30 million people and its government services. The project are going to be divided into three phases: design, implementation and pilot.
The digital Cedi, or ‘e-Cedi’, is meantto enhance and function a digital alternative to physical cash, thus driving the Ghanaian cash lite agenda through the promotion of diverse digital payments, while ensuring a secure and robust payment infrastructure in Ghana. It also aims to facilitate payments without a checking account, contract, or smartphone, by so doing boosting the employment of digital services and financial inclusion amongst all demographic groups.

The Governor of Bank of Ghana, Dr Ernest K. Y. Addision said: “CBDC presents an excellent opportunity to create a strong, inclusive, competitive and sustainable financial sector, led by the financial institution. From all indications, the concept includes a significant role to play within the way forward for financial service delivery globally. This project could be a significant step towards positioning Ghana to require full advantage of this emerging concept.”
“Central banks round the world are exploring the introduction of digital money as medium of exchange. The Ghanaian government is one among the primary African countries now entering a pilot phase. We are proud to support Ghana with our technology and expertise,” Dr. Wolfram Seidemann, the CEO of the Giesecke+Devrient Currency Technology sector said.

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