BoG designs e-cedi for cross-border payments
The Bank of Ghana (BoG) has moved a step further to design a digital currency – e-cedi– for cross-border settlements and wholesale payments as part of efforts to deepen digital finance and improve payment efficiency across the region.
This followed the successful completion of a pilot phase of the e-cedi project, which tested some essential parameters of the digital currency necessary for its success.
So far, the digital currency project has gone through three phases — design, implementation, and pilot testing — to determine the feasibility of the digital currency before it was officially introduced into circulation.
The Governor of the BoG, Dr Johnson Pandit Asiama, said the central bank was now focusing on how the digital sovereign currency could support faster international transactions, regional trade integration, and also secure large-value payments within the country’s evolving financial market ecosystem.
He was speaking at an international congress of financial market dealers across the world – ACI World Congress – in Accra, on Thursday.
Event
The ACI World Congress is a flagship event of the ACI Financial Markets Association. It serves as a platform for dialogue, networking, and cooperation among global financial market participants.
On the theme, “Elevating markets, empowering people,” the two-day congress, which is scheduled to close today, is being attended by financial market professionals, policymakers, and industry leaders from more than 60 countries.
It is the second time an African country has hosted the event in 17 years.
The opening ceremony was attended by the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama.
Also in attendance are the First Deputy Governor of BoG, Dr Zakari Mumuni; the President of ACI Ghana, Lawrence Osilaja Boampong, and Chairman of ACI FMA, Roy Daniels, among other dignitaries.
The congress is being hosted by ACI Ghana, with sponsorship from the Bank of Ghana, along with other corporate bodies.
Collaboration
Dr Asiama explained that the country’s digital finance reforms and interoperable payment infrastructure were positioning the country as a key contributor to the redesign of emerging global financial markets.
He stated that the central bank was collaborating with regional partners to harmonise payment systems and create a more connected African financial market capable of supporting seamless cross-border transactions.
Dr Asiama further said that the development of the e-cedi and other digital finance frameworks demonstrated the country’s commitment to building modern financial systems tailored to Africa’s economic realities.
“We are working with our partners across the region on licensed passporting initiatives for fintechs, on harmonised payment rails, and on a broader vision of a connected African financial market.
“A payment that is initiated in Accra should clear in Abidjan or in Lagos, just as easily as it clears in Kumasi,” he said.
Growing participation
The President of ACI Ghana, Mr Boampong, also said that Africa’s growing participation in global financial discourse reflected a shift in how emerging markets were now being recognised and engaged.
He said that the congress served as a critical platform for strengthening partnerships, driving innovation, and aligning regulatory frameworks across jurisdictions.
Mr Boampong said the momentum generated in Accra would help accelerate collaboration between African markets and the global financial community in practical and measurable ways.
“Accra is not just hosting the world; it is helping to shape how the world thinks about finance, and that responsibility comes with both opportunity and purpose,” he added.
Commitment
For his part, the Chairman of ACI FMA, Mr Daniels, said his outfit remained committed to promoting professionalism, ethics, and knowledge sharing among wholesale financial market practitioners across its global network.
He said that despite its political neutrality, the organisation recognised ongoing geopolitical tensions and expressed solidarity with colleagues affected by global crises.
