Vice President Dr Mahamudu Bawumia has said that he is particularly excited at the prospects of harnessing the power of technology to address Ghana’s developmental problems, leveraging on the technological infrastructure put in place in the last few years by the government.
He said this when he joined officials of the Bank of Ghana to celebrate the winners of the first eCedi Hackathon, a competition designed to bring together the brightest minds in technology and finance to explore the endless possibilities of a Central Bank Digital Currency (CBDC).
Ghana is one of three countries in Africa currently piloting a CBDC, Dr Bawumia noted.
Globally, he said, 88 competitors took part in the eCedi Hackathon with different teams presenting innovative ideas and solutions on different use cases of the e-cedi.
“I am very happy with how meticulous and rigorous the Bank of Ghana has been in the process of introducing the eCedi.
“Congratulations to Forward ard Titans, the winners of the eCedi Hackathon and the nine others who made the shortlist. You are all winners and Ghana is the ultimate winner.”
Earlier, the Bank of Ghana (BoG) Governor underscored Ghana’s commitment to innovation in the financial sector, since introducing the e-Cedi as a central bank-issued digital currency presents exciting possibilities for financial inclusion.
In his insightful remarks at the recent International Monetary Fund (IMF) meetings in Marrakech, Morocco, Dr. Addison provided an in-depth look into Ghana’s pioneering journey toward a digital currency, known as the ‘e-Cedi’, during a panel discussion at the high-profile event.
The central theme of his remarks revolved around the BoG’s groundbreaking decision to explore the concept of a digital currency for Ghana; a move that marks a pivotal juncture in the nation’s financial landscape.
The Governor detailed how the BoG collaborated with technology partners to delve into digitalisation of the Ghanaian cedi, seeking to introduce a digital version of the national currency. This ambitious project culminated in a pilot programme launched approximately one year ago, which Dr. Addison described as highly successful.
One key aspect that made the pilot programme thrive was the enthusiastic participation of Ghana’s vibrant and youthful population. The youth’s engagement in digital innovations served as a catalyst, motivating the central bank to champion a domestic form of digitalisation – and their trust in the institution played a pivotal role. Dr. Addison underscored that this digital currency is not privately issued but stems from the central bank itself, thus inherently garnering a higher level of trust.
While recognising the e-Cedi’s potential, Dr. Addison acknowledged the challenges and concerns associated with digital currencies. Cybersecurity threats were acknowledged as a priority for the bank, and technology partners are diligently working to ensure robust security for the new digital currency. Preventing misuse and illegal activities was another focal point.
Transitioning from the e-Cedi to the innovative ‘hackathon’ initiative, Dr. Addison discussed the recently launched programme aimed at fostering fintech innovation. The hackathon invites creative minds to devise various use-cases for the eCedi – including applications in merchant payments, government transactions, trade and remittances. This initiative is expected to run for three months, culminating in the presentation of potentially groundbreaking use-cases developed by young innovators in Ghana.
Source:3news.com
