BoG signals next phase of e-Cedi expansion into cross-border settlement

By Joshua Worlasi AMLANU

The Bank of Ghana has signaled a new phase in the development of the e-Cedi, saying the central bank digital currency will now be designed for cross-border settlement and wholesale payment applications as policymakers push to deepen regional financial integration and modernize payment infrastructure.

Speaking at the ACI FMA World Congress 2026 in Accra on Thursday, Bank of Ghana Governor Dr. Johnson Pandit Asiama said the e-Cedi had completed its pilot phase and was moving into a stage focused on broader financial system applications beyond domestic retail payments. “The e-Cedi, Ghana’s central bank digital currency, has completed its pilot phase, and we are now actively designing its use for cross-border settlement and wholesale payments,” Dr. Asiama said.

The remarks mark one of the clearest indications yet that Ghana intends to position the e-Cedi as part of a wider regional payments and financial market integration agenda. Ghana first announced the digital currency project in 2021 and subsequently undertook testing and pilot programs, though timelines for a formal rollout have shifted over the years.

Unlike privately issued cryptocurrencies, the e-Cedi is being developed as an official digital version of Ghana’s sovereign currency under the oversight of the central bank. The governor linked the next stage of the project to broader changes in global financial markets, arguing that emerging economies are increasingly shaping digital financial infrastructure rather than simply adopting systems designed in advanced economies. He said payment systems were becoming central to financial intermediation, credit creation and monetary policy transmission, particularly in emerging markets where mobile money and digital transactions have expanded rapidly.

The governor pointed to Ghana’s interoperable payment ecosystem, developed with the Ghana Interbank Payment and Settlement Systems Ltd. (GhIPSS), including instant bank transfers, mobile money interoperability and QR-code payment systems, as part of the infrastructure supporting the transition toward more integrated digital finance. “What we see in Ghana is one expression of this: an interoperable ecosystem built with GhIPSS and our partners, with instant transfers, mobile money integration at scale, QR-code interoperability, and a settlement infrastructure that has become a regional reference point,” he said.

The central bank also tied the digital currency agenda to recent macroeconomic stabilisation efforts. Dr. Asiama said inflation had slowed to 3.4 percent in April from a peak of 54.1 percent in December 2022, while gross international reserves had risen above US$13.9 billion, equivalent to more than five months of import cover.

He said the policy rate had been reduced by 1,400 basis points since early 2025, alongside fiscal consolidation measures and banking sector recapitalisation efforts aimed at restoring credit growth and investor confidence. Still, Dr. Asiama cautioned that global risks remained elevated, citing geopolitical tensions and external shocks that could transmit into the domestic economy.

The governor also emphasized regulation as a prerequisite for scaling digital finance. He said Ghana’s Virtual Asset Service Providers Act, passed in 2025, was being operationalised through detailed regulatory frameworks covering fintechs, cybersecurity and supervisory technology.

Beyond domestic reforms, the Bank of Ghana is pushing for greater regional market connectivity. Asiama said the country was working with regional partners on harmonised payment systems and fintech licensing frameworks to support cross-border financial services across Africa. “A payment initiated in Accra should clear in Abidjan or Lagos as easily as it clears in Kumasi,” he said, describing integrated financial infrastructure as essential for competitive emerging markets in the coming decade.

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