Ghana is finally set to roll out its central bank digital currency (CBDC), the e-Cedi, after years of development. The country was once leading the CBDC race in Africa but fell behind when Nigeria launched the eNaira over three years ago.
Now, the Bank of Ghana (BoG) says it’s ready to introduce the e-Cedi this year if lawmakers give the green light.
Nigeria’s eNaira, the first CBDC in Africa, hasn’t exactly been a massive success, and Ghana can learn from its struggles. Despite the hype, adoption has been slow within the first year, less than 0.5% of Nigerians were using it. By March 2024, it made up just 0.36% of the total money in circulation. Weak infrastructure, unreliable electricity, low trust in government, and financial crime concerns have all played a role in its underwhelming performance.
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