Ghana Vice President Praises Central Bank’s CBDC Initiative, Says Digital Currencies Can Boost Intra-African Trade



Terence Zimwara |

According to a report, Bawumia made these comments while addressing guests at the opening ceremony of the Ghana International Trade and Finance Conference (GITFIC) in Accra. The report also quotes Bawumia commending the Ghanaian central bank’s e-cedi project. He said the Ghanaian government is ready to “give it the needed credibility and legal backing for usage.”

As previously reported by News, the Bank of Ghana (BOG) is one of the first African central banks to announce the start of the pilot phase of its central bank digital currency (CBDC). However, final approval of this CBDC will depend on the outcome of the pilot phase.

Concerning the Pan African Payment and Settlement System (PAPSS), the African continent’s central payment and collection infrastructure, Bawumia explained that this will “allow businesses on the continent to clear and settle transactions in their local currencies without depending on third-party currencies.”

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