BoG moves e-Cedi into cross-border and wholesale payment phase
The Bank of Ghana has outlined plans to reposition the e-Cedi for cross-border payments and wholesale financial transactions, marking a shift in the central bank’s digital currency strategy as it seeks to deepen regional financial integration and modernise payment systems.
Speaking at the ACI FMA World Congress 2026 in Accra on Thursday, Governor of the Bank of Ghana, Johnson Asiama, said the e-Cedi has completed its pilot phase and is now being developed for broader use beyond retail payments.
“The e-Cedi, Ghana’s central bank digital currency, has completed its pilot phase, and we are now actively designing its use for cross-border settlement and wholesale payments,” he stated.
The move signals Ghana’s intention to position the digital currency within a wider regional payments architecture aimed at improving financial integration across African markets.
First announced in 2021, the e-Cedi project has undergone pilot testing, with rollout timelines evolving as the central bank refines its long-term design and application.
Unlike privately issued cryptocurrencies, the e-Cedi is being developed as a sovereign digital currency under the full supervision of the central bank.
Dr. Asiama noted that the next phase of the project aligns with global shifts in financial systems, where emerging economies are increasingly shaping digital payment infrastructure.
He added that payment systems now play a central role in financial intermediation, credit expansion and monetary policy transmission, particularly in economies with rapidly growing digital adoption.
The Governor pointed to Ghana’s interoperable payments ecosystem, developed with the Ghana Interbank Payment and Settlement Systems, which includes instant bank transfers, mobile money interoperability and QR-code payment systems, as a strong foundation for digital finance integration.
He described Ghana’s settlement infrastructure as a regional benchmark supporting the transition toward more connected financial systems.
Dr. Asiama also linked the digital currency strategy to recent macroeconomic developments, noting improvements in key indicators.
He said inflation had eased significantly compared to previous years, while international reserves had strengthened to provide more than five months of import cover.
Beyond domestic reforms, the central bank is also working with regional partners to harmonise payment systems and fintech licensing frameworks to support seamless cross-border financial services.
He stressed that effective integration should make payments across African cities as simple as local transfers within Ghana.
The Governor also highlighted monetary policy adjustments, noting that the policy rate has been reduced substantially since early 2025 alongside fiscal consolidation and banking sector strengthening measures.
However, he cautioned that global economic risks remain, including geopolitical tensions and external shocks that could affect domestic stability.
Dr. Asiama further emphasised the importance of regulation in scaling digital financial innovation, noting that the Virtual Asset Service Providers Act, passed in 2025, is being implemented through detailed frameworks covering fintech operations, cybersecurity and supervisory technology.
Comments (0)