Bank of Ghana to Pilot CBDC With German Banknote Printer G+D

The central Bank of Ghana announced Wednesday that it signed an agreement with German currency technology provider Giesecke+Devrient (G+D) for a retail central bank digital currency (CBDC) pilot.

Bank of Ghana Set to Test Its CBDC

The Bank of Ghana plans to test a central bank digital currency in partnership with German banknote printer Giesecke & Devrient to pilot a retail CBDC in Ghana, West Africa.

As part of the agreement, G+D will provide its proprietary CBDC solution dubbed ‘Filia’ to pilot the issuance of Ghana’s digital currency, the cedi.  The digital currency which the bank says will be tested in a trial with local banks, merchants, payment service providers, consumers, and other relevant stakeholders.

The project will undergo three stages which include design, implementation, and pilot. With the design phase already completed, the central bank is looking at entering the implementation stage.

The project is part of Ghana’s digitization strategy called the Digital Ghana Agenda, aimed at digitizing data and government services for the country of 30 million people to facilitate payments without a bank account, contract, or smartphone.

According to Ernest Addison, Governor, Bank of Ghana, the project will position Ghana to play in the future of global financial service delivery:

Giesecke & Devrient to Aid in Ghana's CBDC Pilot

Munich-based Giesecke & Devrient provides banknote and securities printing services as well as cash-handling systems. Notable for specializing in currency and securities printing, Giesecke+Devrient has been increasingly working with central banks like the Bank of Thailand to pilot CBDCs.

Commenting on the partnership, Wolfram Seidemann, CEO of the Giesecke+Devrient Currency Technology business sector, said: