Ghana’s forthcoming digital currency, the digital Cedi, could emerge as the premier central bank digital currency (CBDC) worldwide, predicts fintech specialist Jason Marshall.
Marshall, who is the Chief Operations Officer (COO) of Yellow Card, a digital payment company, underscored the significance of the digital Cedi during an interview in Accra with the Daily Graphic. The digital currency, governed by the Bank of Ghana (BoG), aims to enhance financial inclusion, bolster the efficacy and reliability of the payment system, and stimulate competition within the nation’s financial sector.
According to a report by Graphic Online, Marshall lauded the Bank of Ghana for its strategic development of the digital Cedi platform, pointing out its unique blockchain-based foundation. “This isn’t just a bank-issued token. The digital Cedi is, in essence, cash,” he emphasised.
Drawing a distinction, Marshall highlighted that, unlike mobile money—which is essentially electronic money backed by tangible cash—the digital Cedi functions as money itself.
In this cryptocurrency-focused age, Marshall foresees the digital Cedi, serving Ghanaians keen on trading digital currencies securely. He envisions a future where one can seamlessly transfer money from the U.S. to Ghana instantly at no cost.
Complementing the digital currency initiative, the BoG, in collaboration with EMTECH Solutions Inc., plans to host an “eCedi Hackathon.” This 12-week innovation contest invites fintechs, developers, and innovators to formulate groundbreaking CBDC applications. Aiming to address Ghana’s financial inclusion issues, the event will culminate in a conference celebrating the most exceptional solutions with awards.
Like many fintech entities, Yellow Card plans to partake in this hackathon. “Although our knowledge about the initiative is nascent, our engineering team is diligently exploring the system, preparing for active involvement in the eCedi Hackathon contest,” Marshall noted.
