The Bank of Ghana clarified that the expected launch of a central bank digital currency (CBDC) in the country would not have a negative impact or disrupt the activities of mobile money operators.
Instead, the central bank of Ghana stated that the digital currency would actually help in improving the efficiency of the settlement system in Ghana.
Most importantly, it would prove to be immensely useful in speeding up the cross-border trading process.
No adverse impact
The Ghanaian central bank has been working on the development of a central bank digital currency (CBDC), which has been named the e-cedi.
Recently, the bank took to allaying concerns about the launch of the CBDC and the adverse impact it may have on the activities of mobile money operators (MNO).
The assistant director of Bank of Ghana (BOG)’s fintech and innovation, Clarence Blay, recently delivered a speech at a stakeholder’s forum.
During the speech, he asserted that the central bank would take steps to ensure that the activities of the MNOs were not disrupted in any way.
Blay also took the time to disclose the principles that the Bank of Ghana has adopted for its plans of launching a CBDC in the country.
According to the assistant director, one of the most prominent principles that the central bank is following when it comes to the launch of the e-cedi is to complement mobile money operators.
He said that the purpose of the e-cedi was not to supplant platforms that already exist but to improve mobile money services in order to boost their efficiency and make them more vibrant.
Furthermore, Blay also asserted that the operators of the MNOs will also get a boost with the launch of the CBDC.
The report went on to say that when mobile money operators get a boost, it would automatically help in promoting financial inclusion, which is yet another goal that the Bank of Ghana wants to achieve.
Benefits of CBDC
Blay went on to say that some stakeholders part of the mobile money sector have already attested that they can reduce costs with the help of a CBDC.
They have also asserted that the digital currency would also be useful in extending interoperability and settlements would also become more efficient.
The chief executive of Mobile Money Ghana Limited, Eli Hini, also said that as long as the CBDC is implemented properly, it will be able to improve the operations of MNOs.
The CEO also went on to say that the launch of e-cedi would also speed up the process of cross-border trade and also reduce the risk associated with carrying a lot of cash.
Therefore, Hini said that those who are part of the mobile money ecosystem should not be fearful of the central bank’s digital currency (CBDC).
Instead, he said that they should start preparing their business for when the e-cedi is eventually launched in the country.
CBDCs have become a hot topic of conversation these days, with many countries looking into developing their own.