Bank of Ghana: Award for Innovative Digital Currency eCedi

Bank of Ghana Recognized for Innovations in Designing Digital Currency

The Bank of Ghana (BoG) has been awarded a prestigious prize for innovations in designing digital currency aimed at improving financial inclusion in Ghana. This recognition was presented during the 2024 Payment, Innovation, and Technology Week by Currency Research.

eCedi – An Innovative Approach Supporting Financial Inclusion

The eCedi is a groundbreaking initiative by the Bank of Ghana focusing on governance, online and offline accessibility, interoperability, and infrastructure to enhance financial inclusion in the country. The project aims to make financial services more accessible to all societal groups.

A Collaborative Approach

The award bestowed upon the Bank of Ghana highlighted its collaborative approach with the banking sector, payment service providers, and the community in the development and testing of eCedi. In the initial pilot phases, the Bank of Ghana engaged financial institutions and payment service providers in the eCedi pilot program.

Initiatives Supporting the Development of eCedi

The Bank of Ghana firmly emphasizes innovation and education through various initiatives. One of these initiatives was organizing the eCedi Hackathon, where the community had the opportunity to participate in creating innovative applications utilizing the digital currency. Additionally, during the 3iAfrica Summit, a trial payment was made using eCedi in the Digital Village, providing validation of the system’s functionality and performance.

The Technology Behind eCedi

eCedi operates on a token-based system, allowing it to be stored locally on devices such as mobile phones or payment cards. The Bank of Ghana utilizes a token-based approach for its digital currency, constructing it on the advanced Hedera Hashgraph network.

Advanced CBDC Projects in Africa

Alongside Nigeria, the Bank of Ghana is a pioneer in central bank digital currencies on the African continent. The development and implementation of eCedi represent a significant step towards facilitating access to financial services for the residents of Ghana and enhancing the efficiency of the country’s payment system.