The Bank of Ghana (BoG) has reportedly taken additional strides towards the creation of a CBDC, via a newly forged alliance with a currency technology provider from Germany. 

Specifically, The BoG reportedly disclosed official details on August 11th, regarding a freshly established partnership with German banknote and securities printing company Giesecke+Devrient (G+D), to work on the trial phase of a retail CBDC in Ghana, West Africa.

As included within the scope of the collaboration, G+D will reportedly make ít proprietary CBDC offering available, generally referred to as Filia, to carry out the trial phase for the issuance of a digital form of Ghana’s national currency, the cedi. 

The virtual currency will reportedly be put on a pilot testing phase with the participation of local banks, merchants, payment service providers, and consumers, together with other associated parties. 

The initiative is reportedly included within the scope of Ghana’s digitization strategy, dubbed the “Digital Ghana Agenda”, with a primary target of achieving digitization for data and government services for the 30 million population throughout the nation. 

Alternatively referred to as e-cedi, the digital cedi reportedly seeks to bring complementary attributes to Ghana’s traditional national currency as a digital alternative. The CBDC should offer support for payments that do not have a bank account, contract, or smartphone.

“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” BoG governor Ernest Addison reportedly remarked, regarding how the e-cedi offers a major window in forming a “robust, inclusive, competitive and sustainable financial sector, led by the central bank.”