The Bank of Ghana Governor, Dr. Ernest Addison, emphasized that the introduction of the e-Cedi digital currency is a vital step in enhancing financial inclusion and extending financial services to remote regions within the country.

Additionally, he stated that the digital currency will bolster Ghana's position in international transfers, particularly in the field of remittances.

Speaking at the recent IMF/World Bank meetings in Marrakech, Morocco, Dr. Addison also highlighted the currency's cost-effectiveness and security.

He further explained that the central bank collaborated with technology partners to explore the digitalization of the Ghanaian Cedi, potentially introducing a digital version of the national currency.

“This ambitious project culminated in a pilot programme launched approximately one year ago, which Dr. Addison described as highly successful. One key aspect that made the pilot programme thrive was the enthusiastic participation of Ghana’s vibrant and youthful population.

The youth’s engagement in digital innovations served as a catalyst, motivating the central bank to champion a domestic form of digitalisation – and their trust in the institution played a pivotal role.” Dr Addison noted during a panel discussion at the high-profile event.

The Governor emphasized that the digital currency was not privately issued but is part of the Central Bank's commitment to transparent and trustworthy innovation. Dr. Addison firmly positioned the e-Cedi as a tool for financial inclusion, highlighting its potential to provide financial services to remote areas where traditional banks are unavailable.

Regarding the e-Cedi 'hackathon' initiative, he explained that it will invite creative young minds to devise various use-cases for e-Cedi, encompassing applications in merchant payments, government transactions, trade, and remittances. This three-month initiative aims to showcase potentially groundbreaking use-cases developed by young innovators in Ghana.