Dr. Zakari Mumuni
First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni says the eCedi is a strategic instrument for strengthening the country’s financial system and advancing national development.
Speaking at the Cedi@60 International currency conference in Accra on the theme, “the digital Cedi, a Strategic Vision for Ghana’s Digital Currency” said the e-Cedi could enhance financial sovereignty and promote inclusion across various sectors of the economy.
Dr. Mumuni stated that as digital payments grow, the need for a secure, sovereign, and interoperable digital currency becomes urgent.
That, he explained, require the eCedi to build on existing progress, ensuring that every Ghanaian regardless of location or institution could transact payment seamlessly within a trusted, central-bank-backed framework.
“It represents the next frontier of Ghana’s digital journey, a more progressive, resilient, and inclusive economy.
“The eCedi will provide a secure digital payment option that complements our evolving digital economy. It will enhance financial inclusion by offering a more affordable digital payment alternative, particularly for underserved populations,” he noted.
The first Deputy Governor also mentioned that the eCedi will improve efficiency in currency management and digitising processes that remain manual and costly as well as mitigate risks associated with unregulated private digital currencies meeting the growing demand for digital payment instruments.
“The eCedi is a key pillar of Ghana’s digital future. It will create a more efficient payment ecosystem faster, safer, and more reliable for individuals and businesses,” he said.
“It will advance financial inclusion, resilience, and stability, while strengthening liquidity management and monetary policy transmission,” he added.
Dr. Mumuni, however, noted that digital literacy gaps particularly in rural and underserved communities, lack of skills to use digital wallets and financial technologies effectively are some of the challenges that must be addressed to ensure successful implementation of the eCedi.
“Comprehensive digital literacy programmes will be essential to build user trust and promote safe adoption.
“As with any digital product, the eCedi faces cybersecurity risks. These can be mitigated through high security standards, including technical safeguards such as separating the issuance and distribution modules of the eCedi core infrastructure,” he added.
By Ebenezer K. Amponsah