The Bank of Ghana will be at the forefront of the peloton of the world’s central banks, which will soon test the functioning of their own cryptocurrency. Ghana could launch its Central Bank Digital Currency (CBDC) within two months.
Maxwell Opoku-Afari, First Vice Governor of the Bank of Ghana, has announced the launch of a pilot operation of a central currency-backed digital currency. Unless there are unforeseen circumstances, Ghana will test its CBDC in September. According to Opoku-Afari, the central bank will focus primarily on the efficiency and stability of the financial system or the impact on the competitive environment in the financial sector.
“We still need some time to fine-tune the whole system, so we want to start a pilot test run first. We will then incorporate the experience gained before opening the entire system to the public, “Opoku-Afari told ModernGhana.com. The vice-governor of the Bank of Ghana has warned that cryptocurrencies are not legal or subject to any regulation in Ghana. “But this technology is very remarkable, so we have created a team to study it,” added Maxwell Opoku-Afari.