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Ghana to start piloting electronic cash by September 2021 – BoG

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Ghana is set to begin the guiding of its electronic currency by September this year.

This is as indicated by the First Deputy Governor of the Bank of Ghana, Maxwell Opoku-Afari.

As indicated by him, the presentation of the Central Bank’s Digital Currency (CBDC) is urgent as the pandemic has revived the drive towards a money-light economy and is probably going to shape the financial approach post-COVID-19.

Conveying the feature address at a two-day limit building meeting for Journalists for Business Advocacy in Accra, the First Deputy Governor of the Bank of Ghana (BoG), Maxwell Opoku-Afari, noticed that, this was essential for the drive towards developing advanced exchanges in the country.

He additionally noticed that the expanded utilization of Mobile Money and other electronic types of installment from the beginning of COVID-19 has strengthened the requirement for the presentation of a computerized currency.

“Advanced Currency is important for the Central Bank recognizing the requirement for computerized installment and advanced conveyance of monetary administrations. By this, the Bank of Ghana will give a stage on which we can enhance advanced exchanges. At the point when you present the national bank’s computerized currency, it’s money all along. This implies it doesn’t need to be supported by some other thing.”

“What the national bank needs to bring into space is additionally to permit all the monetary tech organizations and the banks to make esteem option on the advanced money. It is a perplexing region, and it’s a region that we need to observe cautiously. It is therefore why we need to take as much time as necessary to plan it with all the security includes however present it in a pilot face in what we call a sandbox climate,” he said.

He further noticed that the length of the directing stage will be dictated by how effectively the general population acknowledges it and how rapidly the functional elements go to the front.

“After the presentation of the CBDDC in the sandbox, and exercises are learned, then, at that point, we bring it out and acquaint with general society. Yet, then, at that point, you continue making a sandbox to have the option to advance development. The guiding face will all be controlled by the programming face which we will attempt to wrap up before the finish of September,” he added.

The two-day limit-building meeting for Journalists for Business Advocacy in Ghana was under the subject, “Understanding Monetary Policy in a Post-Pandemic Era”.