No Result
View All Result
Wednesday, July 6, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    E-Levy won’t be terminated because of IMF bailout – Gov’t assures

    Node 8, HTU hold first edition of Node X in Ho

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • TECHNOLOGY

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    E-Levy won’t be terminated because of IMF bailout – Gov’t assures

    Node 8, HTU hold first edition of Node X in Ho

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • TECHNOLOGY

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Bank of Ghana commences piloting of digital currency in Sefwi Asafo

byNerteley Nettey
May 31, 2022
in Local Economy, TECHNOLOGY, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

The Bank of Ghana has started piloting the first digital currency known as the ‘e-Cedi’ in the Western North region of the country.

The move is part of efforts to determine its feasibility and subsequent circulation as well as the Bank’s commitment to enhance the use of digital financial services in the country.

Also,  the outcome of this piloting phase is crucial to rolling out the e-cedi on a full scale.

ADVERTISEMENT

Speaking at the 6th Ghana CEO Summit in Accra, Governor of the Central Bank, Dr. Ernest Addison noted that digitising the offline transactions of rural and frontier households holds the key to creating the necessary market linkages that could result in access to finance in future.

“In keeping with the Bank’s commitment to digitization of the sector, the eCedi project is progressing steadily. Since financial inclusion is one of the objectives for embarking on the CBDC pilot, the Bank has deemed it necessary to test an offline version of the eCedi that can be used for consecutive payments between individuals and merchants, where there is no connectivity infrastructure, just like cash.

So far, the usage and uptake of the offline version of the eCedi is being piloted in a small town called Sefwi Asafo in the Western North region. Select users in that community have been using the eCedi for daily purchases such as for food, grocery and drinks. The Bank will continue to work with these users to obtain the critical usage data that will inform the decision about the eCedi’s future after the pilot. These are clearly landmark events in providing digital leadership with the payment systems, to lead to a digitised economy in the near future,” he said.

The introduction of the E-Cedi is part of the ‘Digital Ghana Agenda’, which involves the digitization of the country of 30 million people and its government services.

The digital Cedi, or ‘e-Cedi’, is intended to complement and serve as a digital alternative to physical cash, thus driving the Ghanaian cashlite agenda through promotion of diverse digital payments, while ensuring a secure and robust payment infrastructure in Ghana.

It also aims to facilitate payments without a bank account, contact, or smartphone, by so doing boosting the use of digital services and financial inclusion amongst all demographic groups.

The project will be divided into three phases: design, implementation, and pilot.

In the design phase, all framework parameters for the CBDC pilot will be specified and defined.

These include economic, regulatory and technical requirements of the country as well as the definition of the parameters for the test phase.

In accordance with these individual requirements, G+D’s CBDC solution would be adapted for the Ghanaian context in the second phase.

In the pilot phase, a user group of diverse demographic and socio-economic backgrounds will test the solution in the field using different channels and form factors such as mobile apps and smart cards.

Over the course of the pilot project, a study will be conducted on the acceptance of the e-Cedi from the end users’ perspective.

In addition, the IT security of the infrastructure, impact of the project on monetary policy and payment system, and the legal implications will be evaluated.

Insights from pilot user experiences would provide Bank of Ghana and G+D with
valuable lessons for a nationwide rollout of the e-Cedi.

Dr. Ernest K. Y. Addision, Governor of Bank of Ghana, has stated that “CBDC presents a great opportunity to build a robust, inclusive, competitive and sustainable financial sector, led by the Central Bank. From all indications, the concept has a significant role to play in the future of financial service delivery globally. This project is a significant step towards positioning Ghana to take full advantage of this emerging concept.”

“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. We are proud to support Ghana with our technology and expertise,” emphasized Dr. Wolfram Seidemann, CEO of the Giesecke+Devrient Currency Technology business sector.

Filia, G+D’s CBDC solution, combines the advantages of today’s cash with the needs of users in an increasingly digitized world. Filia guarantees outstanding security, high availability, and resilience, as well as the ability to protect user data while complying with regulatory requirements.

In addition, the solution enables secure, consecutive offline payments in case no network connection is available.

Related Posts

Economy

E-Levy won’t be terminated because of IMF bailout – Gov’t assures

byBobbie Osei

As government commences its in-person meetings with the delegation from the International Monetary Fund (IMF) team, led by Mission Chief...

Read more

Node 8, HTU hold first edition of Node X in Ho

IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

Golden Tulip Hotels not sold; leased for 12 years – Management

Next Post

Telcos Chamber calls for protection of the sector to sustain gains

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.