The Bank of Ghana has reiterated that the country’s central bank digital currency (CBDC), e-Cedi will get offline transactions support.
These were the thoughts of Kwame Oppong, the Head of Fintech and Innovation at the Bank of Ghana (BoG), during the 2021 Ghana Economic Forum.
According to Oppong, Ghanaians who do not have access to both internet connection and electricity will be able to use the e-Cedi offline.
Report has it that despite 84% of Ghanaians having stable electricity, only 53% enjoy internet access. Since bank digital currencies are designed to work through smartphones, Offong reassured that the country’s CBDC would function through smart cards because they are designed like modern bank cards.
“What we hope to be able to do – and we’re one of the people pioneering this – is that the e-Cedi would also be capable of being used in an offline environment through some smart cards.”, Opping stated.
The Ghana Economic Forum 2021 commenced on Monday, October 18 and ends Wednesday, October 20.
The theme for the forum reads, “Strengthening Home Grown Policies to Underpin the National Digitasation Drive and Shared Financial Prosperity”
Special guests and speakers in attendance include:
- Nana Akufo-Addo (President of Ghana)
- Ken Ofori-Atta (Minister of Finance, Ghana)
- Dr. Enest Addison (Governor, Bank of Ghana)
- Ala Kwadwe (Minister of Trade and Industry)
- Patience Akyianu (Group CEO, Hollard Ghana)
- Abena Poku (Managing Director, Absa Bank, Ghana)
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