The Bank of Ghana says it is still considering the option of introducing a digital cedi for the country to promote the cash lite agenda.
First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has said that despite the introduction of several policies to promote electronic cash transactions, the bank is still committed to promoting innovation in the market, and test concepts such as a Central Bank Digital Currency.
The central bank has, over the years, continued to evolve its organizational structure in response to the dynamic nature of the payment sector. Before 2016, the payments sector was managed from a unit within the bank’s banking department. It subsequently established the Payment Systems Department in 2016 to adequately supervise a growing mobile money sector, in addition to ensuring an effective payment system.
Commencing with the branchless banking guidelines in 2008, the Bank has continuously evolved policies to harness the potential of technology for efficient, affordable and inclusive financial sector development.
In 2015 the Bank issued the Electronic Money Issuers and Agent Guidelines in replacement of the Branchless Banking Guidelines, and marked a departure from bank-based approach to financial service delivery. The narrow target of Electronic Money Issuers Guidelines meant that Fintechs which were not electronic money issuers were regulated out of the ecosystem.
In addition, Bank of Ghana, through the Ghana Interbank Payment and Settlement Systems (GhIPSS), has facilitated implementation of a portfolio of modern and robust interbank payments systems. These systems include e-zwich, GIP, ACH, GH-Link and Mobile Money Interoperability and establish the foundation for nationwide digital delivery of financial services.
Dr. Opoku-Afari, maintains, these and the enactment of Act 987, indicate the Bank of Ghana has, once again, “demonstrated leadership and foresight in creating the enabling environment for competitive, innovative and inclusive development of the financial sector.” He added: “We will continue to work with you to ensure that you are taken through the licensing process to enable you deliver value to consumers and the broader the financial sector.”
