BoG’s digital currency still under consideration – 1st Deputy Governor
First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari, has assured that the bank is still interested in developing a virtual currency for the economy to promote the cash-lite agenda.
Speaking at a virtual stakeholder workshop on payment systems and services, Dr. Opoku-Afari said despite the introduction of several policies so as to promote electronic cash transactions, the bank is still committed to promoting innovation in the market and testing concepts such as a central bank Digital Currency.
His comments come after a few weeks of the bank establishing a FinTech and Innovation office to supervise and promote the activities of FinTechs in Ghana.
The central bank has over the years continued to evolve its organisational structure in response to the dynamic nature of the payments sector. Before 2016, the payments sector was managed from a unit within the bank’s banking department. It subsequently established the Payment Systems Department in 2016 to adequately supervise a growing mobile money sector, in addition to ensuring an effective payment system.
Commencing with the branchless banking guidelines in 2008, the Bank has continuously evolved policies to harness the potential of technology for efficient, affordable and inclusive financial sector development.
In 2015 the Bank issued the Electronic Money Issuers and Agent Guidelines in replacement of the Branchless Banking Guidelines, and marked a departure from bank-based approach to financial service delivery. The narrow target of Electronic Money Issuers Guidelines meant that Fintechs which were not electronic money issuers were regulated out of the ecosystem.
In addition, the Bank of Ghana – through the Ghana Interbank Payment and Settlement Systems (GhIPSS) – has facilitated the implementation of a modern and robust interbank payments systems portfolio. These systems include e-zwich, GIP, ACH, GH-Link and Mobile Money Interoperability, and establish the foundation for nationwide digital delivery of financial services.
Dr. Opoku-Afari maintains these and the enactment of Act 987 indicate the Bank of Ghana has, once again “demonstrated leadership and foresight in creating the enabling environment for competitive, innovative and inclusive development of the financial sector”.
He added: “We will continue working with you to ensure that you are taken through the licensing process to enable you to deliver value to consumers and the broader the financial sector”.
He further assured of the Bank’s support to the payment sector in churning out innovative products.
“We will continue to work with you to ensure that you are taken through the licensing process to enable you deliver value to consumers and the broader financial sector,” he said.