As African countries such as Morocco, Egypt, Kenya and South Africa continue to explore the feasibility of central bank digital currencies, the Bank of Ghana is set to launch a retail CBDC pilot project, the bank has announced.
- For the pilot, the central bank has partnered with German firm Giesecke+Devrient, which will provide the technology and adapt its CBDC product, named Filia, for Ghana. The digital currency will be tested in a trial phase with banks, payment service providers, merchants, consumers and other parties.
- The CBDC project will be divided into three phases: design, implementation and pilot. In the design phase, economic, regulatory and technical parameters and requirements for the test phase will be specified.
- In the implementation phase, Filia will be adapted for the Ghanain market in accordance with the parameters specified in the first phase.
- The CBDC, to be named e-Cedi, will be tested in the final phase by a group of users from diverse demographic and socio-economic backgrounds using various channels.
- During the pilot project, a study will be conducted to assess acceptance of e-Cedi among end users and to evaluate the security of the infrastructure, the impact of the project on monetary policy and payment systems, and its legal implications.
- “Central banks around the world are exploring the introduction of digital money as legal tender. The Ghanaian government is one of the first African countries now entering a pilot phase,” said Wolfram Seidemann, CEO of Giesecke+Devrient’s currency technology business division.