The Bank of Ghana announced its plan to introduce a national electronic currency, the E-Cedi. The BoG hopes that the introduction of the E-Cedi would promote digitization in the financial sector. Ghana has experienced growth in the number of digital transactions such as mobile money.
According to the BoG, the total value of mobile money transactions reached GH¢ 140.2 billion in the first half of 2019, compared to GH¢104.6 billion in the same period last year. Currently, 16 fintech firms are collaborating with 22 banks to offer various digital services. Some banks in the country have made significant strides in the digital space, with some having about 80% of their transactions being effected through digital and electronic channels. The BoG expects that the introduction of the E-Cedi in a well-regulated space could create significant potential for growth in the volume, size, and complexity of online transactions.