The Bank of Ghana has announced plans to launch a national digital currency in 2023 as part of its efforts to modernize the country’s financial system and promote financial inclusion.

The digital currency, which will be called e-cedi, will be issued by the central bank and will be backed by the Ghanaian government. It will be designed to work alongside traditional currency and will be accessible to anyone with a mobile phone, regardless of whether they have a bank account or not.

According to the Bank of Ghana, the introduction of e-cedi will help to reduce the costs and time associated with traditional banking transactions, while also promoting financial innovation and expanding access to financial services for underserved communities.

“The launch of e-cedi is a major milestone in our efforts to build a more efficient and inclusive financial system,” said Dr. Ernest Addison, the Governor of the Bank of Ghana. “This digital currency will help to reduce the cost and time of financial transactions, while also enhancing the security and reliability of the financial system.”

The announcement has been met with excitement and anticipation from both the public and the financial industry, with many seeing it as a sign of Ghana’s commitment to innovation and progress.

“By launching its own digital currency, Ghana is demonstrating its readiness to embrace new technologies and move towards a more modern and inclusive financial system,” said John Addo, the CEO of Stanbic Bank Ghana.

As Ghana prepares to launch its national digital currency, it remains to be seen how it will impact the country’s economy and society as a whole. However, the move is widely seen as a positive step towards a more efficient, secure, and accessible financial system.