Afroblocks’ co-founder Omar Majdoub urges Ghana’s central bank to involve the expertise of an experienced crypto expert to help in the success of the e-cedi.
The Bank of Ghana’s (BoG) latest central bank digital currency (CBDC) effort has been regarded with mistrust, as Afroblocks, an in-house independent association, speculates on the central bank’s goals.
While planning and developing its digital currency, Afroblocks (formerly Blockchain Society Ghana) has cautioned the BoG to avoid “old traditional compartmentalized financial thinking.”
Rather, according to Afroblocks co-founder Omar Majdoub, the ability of a CBDC in Ghana to replicate modern-day cryptocurrencies — that is, to be borderless and decentralized — will determine its success.
For the CBDC initiative, the BoG has teamed with Giesecke+Devrient (G+D), a German securities printing firm, to deliver a solution tailored to Ghana’s specific needs.
G+D will issue Ghana’s digital version of the cedi, which will be tested by local banks, businesses, and residents, using its own CBDC system, Filia.
Despite G+D’s participation in Ghana’s pilot CBDC, Majdoub observed the BOG’s reticence to publicly discuss the advances with domestic organizations with similar experience and expertise:
“Public details on the CBDC are very sparse. We would be more than willing to contribute our expertise if called upon.”
Majdoub also questioned Ghana’s attitude on crypto assets, claiming that the government currently lacks regulatory clarity on the subject.
Majdoub encouraged the central bank to make its CBDC plans and “intentions towards cryptocurrencies” clear to the general public, as he hoped for the success of the soon-to-be-launched e-cedi.
Ghanaian Vice President Mahamudu Bawumia praised the BoG’s decision to pilot CBDC in the area, saying that a “single central payment” system might boost trade among African states.
Bawumia stated at the Fifth Ghana International Trade and Finance Conference that a digital payment system can alleviate the costly and time-consuming procedure of transporting products across African borders.
