E-Cedi will reduce counterfeit currencies and bullion van robberies – Dr Bawumia
Still, on the issue of digitation Vice president, Dr Mahamudu Bawumia has revealed that the Bank of Ghana is done with the required technical work and has finally commenced the process to unveil the Central Bank Digital Currency (CBDC) also known as the e-Cedi in 2022.
This he indicated while addressing a public lecture on the theme “Transforming an economy through digitalisation: The Ghana story,” held at the Ashesi University campus on Tuesday, November 2, 2021. The Vice President clarified that the e-cedi is not a cryptocurrency, adding that citizens will get to hold currencies in the form of digital wallets.
“The e-cedi is simply the digital form of the physical cedi in circulation. It is a legal tender issued and backed by the central bank. With the digital currency, citizens and residents both the banked and unbanked will hold currency in the form of a digital wallet.”
“Cash transactions will therefore be drastically reduced,” he said.
Dr Bawumia is also confident about the fact the emergence of the e-cedi will bring transparency to all transactions within the economy, which hitherto used to be by cash.
“When implemented, the incidence of fake or counterfeit currencies and bullion van robberies will be drastically reduced.”
On the recent developments in the banking space, Dr Bawumia has commended the new systems put in place by banks to easily open accounts at the click of the button on the phone without visiting their office.
“It is simple, fast, and easy to use, and clients need only a valid national ID card and no additional documentation to open an instant account. In addition, since the account opening process is USSD based (i.e. a service that allows people without a smartphone or data or internet connection to use mobile banking through a code).”
Dr Bawumia also seized the opportunity to defend the government’s focus on the digitalization of the economy.
He explained that the previous systems of going about business transactions without technology have been disadvantageous.
By: Stella Annan | myactiveonline.com Twitter @activetvgh
