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Ghana to start CBDC pilot in September as it seeks to reduce cash reliance


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The Ghanaian central bank is in advanced stages in its development of a central bank digital currency (CBDC), with a pilot set to start in September. According to the bank’s deputy governor, Ghana will be seeking to use the CBDC to reduce its reliance on cash.
Maxwell Opoku-Afari, the first deputy governor of the Bank of Ghana, revealed the advancements in the West African country’s CBDC development during a recent industry event.
Speaking to the media at the sidelines of a workshop organized by a journalists body, the deputy governor stated, “We have to take out time to design it with all the security features and so have started it in a pilot phase through what we call a sand-box to learn lessons before we open it up to the general public.” ....

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Ghana Inflation Hits Record Low, Beating Economists' Estimates

(Bloomberg) Ghana’s inflation rate dropped to a record low in May, falling below the middle of the central bank’s target range.

Consumer inflation slowed to 7.5% from 8.5% in April, Government Statistician Samuel Kobina Annim told reporters Wednesday in Accra, the capital. ....

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GH¢571.8bn MoMo transactions recorded in 2020 – BoG


GH¢571.8bn MoMo transactions recorded in 2020 – BoG
By Eric Nana Yaw Kwafo
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The Bank of Ghana (BoG) has disclosed that GH¢571.8bn (USD99.67bn) Mobile Money (MoMo) transactions were recorded in 2020.
In an era where the use of technology to minimize contact while surviving in the global covid-19 pandemic has become paramount, Ghanaians now more than ever embraced the use of mobile money for various transactions.
As the service continues to grow, BoG has confirmed that there are over 17 million active mobile money accounts in the country and still counting.
Speaking during a joint AFW2/MCM virtual regional workshop programme on Tuesday, April 6, 2021, Mrs. Elsie Addo Awadzi who is Second Deputy Governor at the BoG has provided an update on transactions recorded in the past year. ....

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T-bills yields dropped in 2020 – BoG


The Central Bank at its Monetary Policy Committee meeting on Monday, February 1, 2021 maintained the policy rate at 14.5 per cent.
The Governor Ernest Addison said: “The 91-day declined to 14.1 per cent in December 2020 from 14.7 per cent last year, and the 182-day Treasury bill rate fell to 14.1 per cent from 15.2 per cent over the same comparative period”.
On the secondary bond market, Dr Addison said “yields on 6-year, 7-year, 10-year, and 15-year bonds all declined”.
“The rates on the 20-year bond, however, inched up marginally to 22.3 per cent in December 2020 relative to 22.1 per cent in December 2019,” he noted.
The weighted average interbank rate, he added, “declined to 13.6 per cent from 15.2 per cent, reflecting the reduction in the monetary policy rate in March 2020, and improved liquidity conditions on the market”. ....

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