Governor of the Bank of Ghana Dr. Ernest Addison has said the bank’s latest move to introduce a digital currency for trade will foster competition in the financial space, advance financial inclusion, and drive the nation towards a cash-lite economy.

Earlier this month, the central bank announced plans to start a three-phased pilot of the nation’s first digital currency, called E-Cedi, to determine its feasibility and subsequent circulation.

Speaking at the Chamber CEO Business Forum in Accra, the governor said the e-currency reflects advancements in financial innovation and will promote efficiency and stability of payment systems.

To perk up innovations in the financial space, the bank has set up a regulatory sandbox that will enable fintechs and financial innovators develop various products and models to address the gaps in the market, and consumer needs in a timely manner, he added.

“Adding to these developments is the ongoing merging of biometric ID’s with other national databases to enhance transparency, facilitate seamless transactions, and reduce cost of doing business. This will broaden the scope of Ghana’s economy-wide digitalization process.”

The forum, organized by the Ghana National Chamber of Commerce and Industry (GNCCI), convened top entrepreneurs and business executives to deliberate on topical business issues and solicit views and recommendations for sustained growth.

Governor Addison tasked businesses to shift from “business as usual” to build resilient innovative strategies that will ensure long-term value and sustainability in the post-pandemic era.

He said both the central bank and government’s policies and structural reforms seek to reposition and improve business competitiveness for long-term growth, and to help them leverage emerging opportunities.

“They will also position Ghana as a competitive destination for other African businesses and investors,” he added.

The forum was on the theme “Redefining Business Success: The Path for Business Value, Resilience and Sustainability”.