Vice President Bawumia has said plans in the offing to introduce the E-CEDI to curb the incidence of bullion van attacks and fake currencies.
He stated that the Bank of Ghana has finished technical work and begun the process of launching the Central Bank Digital Currency (CBDC), also known as the e-cedi, in 2022.
The Vice President clarified that the e-cedi is not a cryptocurrency during a public lecture titled “Transforming an Economy Through Digitalisation: The Ghana Story” held at the Ashesi University campus on Tuesday, November 2, 2021, adding that citizens will be able 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.
“When implemented, the incidence of fake or counterfeit currencies and bullion van robberies will be drastically reduced.”
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).”