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Bank of Ghana Urged to Resist Developing a CBDC Based on ‘Old Traditional Siloed Financial Thinking’ Skip to main content

Bank of Ghana Urged to Resist Developing a CBDC Based on ‘Old Traditional Siloed Financial Thinking’

A Ghanaian blockchain and crypto association, Afroblocks, has warned the Bank of Ghana (BOG) to resist the urge to develop a central bank digital currency (CBDC) that is based on the “old traditional siloed financial thinking.”

Afroblocks Not Consulted

Afroblocks (formerly Blockchain Society Ghana) instead wants the central bank to emulate “financial projects that are borderless and decentralized like modern-day cryptocurrencies.” According to Omar Majdoub, one of the association’s co-founders, doing this will increase the likelihood of the CBDC’s success.

These remarks by Afroblocks’ Majdoub follow the BOG’s recent release of a press statement in which it reaffirms the central bank’s desire to be one of the first countries in Africa to launch a CBDC. As reported recently by Bitcoin.com News, the BOG has selected a Germany-based firm as its technology partner for its CBDC project. The firm, Giesecke Devrient, is tasked with the job of providing “the technology and a solution that suits Ghana’s requirements.”

Still, despite the BOG’s seeming willingness to engage with organizations that have the relevant experience and expertise, Afroblocks’ Majdoub claims that Afroblocks has not been consulted. Majdoub explained:

We were never consulted about this initiative, all the facts we know are what was in the BOG’s public releases. In fact, public details on the CBDC are very sparse. We would be more than willing to contribute our expertise if called upon.

Ghana’s Unclear Stance on Cryptocurrencies

Meanwhile, the Afroblock co-founder also suggested that the BOG’s continuing failure to clarify “if cryptocurrencies and decentralized finance will play any role in their upcoming CBDC” means there has been no change in the country’s stance towards crypto assets. While Ghana does not officially regulate cryptocurrencies, this lack of clarity, unfortunately, creates an atmosphere that is not crypto-friendly, laments Majdoub.

Despite the perceived snub, however, the Afroblocks leader nonetheless offered the BOG some advice on what the central bank still has to do to ensure the success of the e-cedi. Majdoub explained:

We would advise them to learn more about modern cryptocurrencies, and reach out to crypto communities in Ghana and abroad. So that they can better integrate and make allowances for modern crypto into their CBDC. Many young Ghanaians have been finding great opportunities in the exploding international cryptocurrency space.

Finally, Afroblocks urged the BOG to make “more information about the CBDC plans available to the public.” At the same time, the central bank needs to “make very clear their intentions regarding cryptocurrencies.”

Do you agree that the BOG needs to consult players in Ghana’s blockchain space? Tell us what you think in the comments section below.

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