Source: newsthemegh.com
Despite the successful conclusion of the eCedi’s trial phase last year, the Bank of Ghana (BoG) has not yet finalized a strategy for the formal roll-out, according to Kwame Oppong, Head of FinTech and Innovation at the BoG.
The current economic problems in the nation, which are characterized by high inflation, rising debt, and an increasing cost of living, are to blame for the delay in the introduction of the digital currency.
At the Africa Money & DeFi Summit West Africa in Accra, Mr. Oppong outlined the BoG’s position and emphasized the necessity for economic stability prior to the launch of the eCedi. We successfully finished the pilot last year, he said.
We continue to develop the eCedi internally. But given the state of the economy, it’s important to establish stability first before adopting it. Even product developers like yourself don’t release goods in an unstable environment.
The digitization of Ghana’s financial sector, which aims to increase financial inclusion and spur economic growth, must include the eCedi.
The central bank has decided to delay the official release of the data, nevertheless, due to the current economic challenges. The central bank recently started the eCedi hackathon program in partnership with Emtech during the Africa Money and DeFi Summit West Africa as part of the preparations for the eventual deployment of the eCedi.
With the help of this project, domestic developers and innovators will work together to create solutions that will hasten the adoption of the eCedi.
In order to create use-cases for the eCedi, Mr. Oppong underlined the significance of utilizing the inventiveness of young developers and innovators in Ghana.
In his own words, “This demonstrates our commitment to considering eCedi as an enabler of the broader ecosystem rather than a competing product.”
The hackathon was emphasized by Carmelle Cadet, the founder and CEO of Emtech, as a key chance for cooperation with the Bank of Ghana and the creation of a “future-proof digital currency solution for the central bank.”
Leaders from the African FinTech and cryptocurrency industries, as well as their international counterparts, gathered at the Africa Money and DeFi Summit West Africa for networking and discussions on a range of financial topics, including FinTech, payments, decentralized finance (DeFi), crypto, and digital lending, among others.