Ghana’s business community is positioning itself for a major transformation in payments as the Bank of Ghana prepares to launch the eCedi, a Central Bank Digital Currency (CBDC) expected to change how companies receive money, pay workers, manage cash flow and interact with customers. From small shops and market traders to fintech startups and large corporations, businesses across the country are watching closely as officials outline what the digital currency will mean for daily operations.
First Deputy Governor Dr. Zakari Mumuni offered the clearest picture yet of what the business community should expect during the Cedi at 60 International Currency Conference held in Accra on November 18. His presentation addressed concerns ranging from transaction costs and settlement delays to security risks and operational efficiency, painting a comprehensive vision of how the eCedi could reshape commerce in Ghana.
Despite impressive gains in digital payments over recent years, physical cash still dominates Ghana’s economy. Many traders continue moving around with large sums of cash, and shop owners often refuse certain transfers after specific hours because of settlement delays. Businesses also pay extra fees weekly to withdraw mobile money funds, eating into already thin profit margins.
Dr. Mumuni acknowledged these challenges while noting that even with all the progress Ghana has made, cash remains the most interoperable value in the financial system. This reality, he explained, is precisely why the journey toward a digital cedi matters for businesses seeking more efficient and reliable payment options.
The market has shown remarkable readiness for digital transformation. Ghana’s mobile money ecosystem has grown at a pace few predicted a decade ago, evolving from a small fraction of total financial transactions into one of the strongest pillars of the economy. Dr. Mumuni revealed that in 2015, mobile money transactions accounted for just 3.4 percent of Real Time Gross Settlement (RTGS) transaction value. By 2024, that figure had grown to nearly half, reflecting how businesses from online boutiques to commercial transport operators now depend on digital payments for survival.
For businesses, the eCedi promises smoother operations through faster payment processing likely to reduce delays in releasing goods and services. Many small and medium enterprises (SMEs) rely heavily on daily cash flow and often lose sales when payments take too long to reflect in their accounts. The digital cedi is positioned as a potential solution because it will be issued directly by the central bank and can facilitate immediate transactions without the extended settlement periods that currently frustrate merchants.
Cost reduction represents another major selling point for businesses. Current mobile money charges take a noticeable portion of profits, especially for small retailers, food vendors and riders operating on razor thin margins. The eCedi may reduce some of these operational expenses by removing certain intermediaries from the payment chain. This possibility has sparked particular interest among SMEs struggling to maintain profitability while offering convenient digital payment options to customers.
Security concerns loom large for merchants across Ghana. Several businesses in Accra and Kumasi have reported losing money through fraudulent transfers or counterfeit cash, creating an atmosphere of mistrust that slows commerce. With the eCedi, every unit of currency will be authenticated through the Bank of Ghana’s digital infrastructure, potentially reducing fraud risk significantly. Dr. Mumuni described the digital cedi as a digital representation of the Ghanaian cedi, issued and regulated by the Bank of Ghana with built in security features.
Large corporations may benefit from improved transparency and efficiency enabled by the digital currency. Faster settlement times and digital traceability could strengthen supply chain payments and streamline payroll processing across organizations with hundreds or thousands of employees. Banks and fintech companies are already exploring opportunities to build innovative products on the eCedi platform, attracted by the stability a central bank backed digital currency provides compared to private cryptocurrencies.
The journey toward full eCedi adoption will not be without obstacles. Dr. Mumuni acknowledged that digital literacy remains an issue for many informal businesses, especially in rural communities where access to smartphones and reliable internet connectivity varies widely. Cybersecurity concerns also require strict safeguards to protect the system from hackers and fraudsters seeking to exploit vulnerabilities. Data protection will prove crucial since the system will process sensitive financial records belonging to both companies and customers.
Despite these challenges, Ghana’s existing digital foundations give businesses a strong starting point for eCedi integration. The widespread use of the Ghana Card national identification system, the national digital address system, and interoperability between banks and mobile wallets all create a supportive environment for adopting central bank issued digital currency. Ghana’s youthful and tech savvy population represents another advantage, as many consumers already prefer electronic payments over physical cash for convenience and security.
The successful implementation of the eCedi will depend on its ability to drive financial inclusion, enhance payment efficiency and build public trust while avoiding the adoption challenges experienced by Nigeria’s eNaira, which by March 2024 accounted for just 0.36 percent of total money in circulation. Ghanaian officials are studying regional experiences carefully to identify pitfalls and design a rollout strategy that encourages genuine adoption rather than creating another underutilized digital payment option.
In his closing remarks at the conference, Dr. Mumuni expressed optimism about how the eCedi will influence Ghana’s economic future. He described the digital currency as representing Ghana’s next step toward a resilient, inclusive, and digitally driven economy where businesses can operate more efficiently and reach customers more effectively than ever before.
Businesses across the country are now watching for announcements about when the currency becomes available and how it can be integrated into daily operations. From large companies seeking operational efficiency to hawkers hoping to avoid high transaction fees and long queues at withdrawal points, the eCedi may soon become central to how commerce functions in Ghana. For many business owners, it represents not only a technological advancement but a new chapter in how they grow, interact with customers and thrive in an increasingly digital economy.