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Addison discusses Ghana’s digital currency initiative at IMF Meetings; says e-Cedi will serve as a tool for financial inclusion



Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG) says the introduction of the e-Cedi will serve as a tool for financial inclusion, promoting the potential to extend financial services to remote areas.

This inclusion, Dr. Addison said, has significant implications for international transfers and, notably, remittances.

The Governor in his remarks at the recent International Monetary Fund (IMF) meetings in Marrakech, Morocco said the cost-effective and secure use of digital currencies for these transactions was a top priority for Ghana.

He provided an in-depth look into Ghana’s pioneering journey toward a digital currency, known as the “e-Cedi,” during a panel discussion at the high-profile event.

He explained that the Central Bank decided to explore the concept of a digital currency for Ghana, a move that marks a pivotal juncture in the nation’s financial landscape.

The Governor said they collaborated with technology partners to delve into the digitalization of the Ghanaian Cedi, seeking to introduce a digital version of the national currency.

“This ambitious project culminated in a pilot programme, launched approximately one year ago, which was highly successful,” he added.

He said one key aspect that made the pilot programme thrive was the enthusiastic participation of Ghana’s vibrant and youthful population.

Dr Addison said the youth’s engagement in digital innovations served as a catalyst, motivating the central bank to champion a domestic form of digitalization, and their trust in the institution played a pivotal role.

He said the digital currency was not privately issued but stems from the Central Bank itself, thus inherently garnering a higher level of trust.

While recognizing the potential of the e-Cedi, Dr. Addison acknowledged the challenges and concerns associated with digital currencies.

He acknowledged cybersecurity threats as a priority for the bank, and technology partners were diligently working to ensure robust security for the new digital currency, coupled with preventing misuse and illegal activities.

Dr. Addison clarified that the e-Cedi was designed as a non-interest-bearing token, ensuring that it does not directly compete with interest-bearing bank accounts.

He said commercial banks were expected to serve as distribution channels for e-Cedi and nevertheless, cross-border compatibility remained a challenge that required international coordination.

He said the Bank after transitioning from the e-Cedi moved to the innovative “hackathon” initiative, which was recently launched aimed at fostering fintech innovation.

The hackathon invites creative minds to devise various use cases for the eCedi, including applications in merchant payments, government transactions, trade, and remittances.

This initiative is expected to run for three months, culminating in the presentation of potentially groundbreaking use cases developed by young innovators from Ghana.

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Power has been restored following resumption of gas supply – GRIDCo



The Ghana Grid Company (GRIDCo) and the Electricity Company of Ghana (ECG) have jointly announced that power supply has been restored to all affected customers.

This followed the resumption of gas supply from Takoradi for use by generating plants in Tema.

According to a statement jointly issued by GRIDCo and ECG on Saturday, October 28, the improved gas supply has enabled power restoration to all loads across the country.

“Customers currently experiencing any outage should report to the ECG Call Centre on 0302- 611 611 or the Customer Service Office for the fault to be rectified, since this is likely to be a local fault.

“GRIDCo and ECG regret the inconvenience caused by the recent load management exercise and thank the public for their patience,” the statement said.

GRDICO earlier attributed the recent power cuts in parts of the country to limited gas supply.

“The Ghana Grid Company Ltd, (GRIDCo), the “Operator” of the National Interconnected Transmission System (NITS) informs the general public that due to limited gas supply to Tema, there will be a supply gap of 550MW at peak time.

“This will affect the power supply to consumers in some parts of the country,” an earlier statement issued by GRIDCo on Thursday, October 26 said.

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Agriculture is a major driving force behind growth of Ghana’s economy – Akufo-Addo



President Nana Addo Dankwa Akufo-Addo on Thursday, 26th October 2023, held a meeting with International Partners to discuss the food and agriculture sector of Ghana’s economy

He applauded the longstanding commitment of the respective governments of the partners to Ghana’s economic progress.

This commitment, he said “has contributed significantly to making agriculture a major driving force behind the growth of the Ghanaian economy, with the sector maintaining an average growth rate of 5.9% over the past six (6) years, up from 2.9% we inherited in 2017.”

The president indicated at the meeting that the second phase of the Programme for Planting for Food and Jobs is poised to continue the transformation of Ghana’s agricultural landscape.

“We have shifted our approach from a subsidy policy to an input credit system that accommodates all participants in the agricultural value chain. This programme’s design places strong emphasis on commercial agriculture, with a cascading effect on all stakeholders, from production to processing, distribution, and marketing,” he said.

This comprehensive approach will stimulate economic activities within the sector, generate employment, support industrialisation, boost exports, increase incomes, foster rural development, and propel overall economic growth, he added.

“We anticipate that, by the end of the five-year implementation period, Ghana will have achieved enhanced food security, and established a strong comparative advantage in the production of diverse cash and food crops and poultry products. Additionally, we aim to leverage competitively the opportunities presented by the Africa Continental Free Trade Agreement (AfCFTA),” the president stressed.

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PFJ phase 2 can help Ghana achieve food security – Akufo-Addo



President Akufo-Addo has affirmed that the Planting for Food and Jobs Programme has the potential to make the country self-sufficient in the production and supply of food.

Nana Akufo-Addo believes that the programme would yield the desired results with the necessary investment.

Speaking at the Presidential Roundtable Discussion with development partners on the PFJ, the President said the government will provide the necessary support to ensure the success of the scheme.

“I am firmly convinced that the second phase of the Planting for Food and Jobs programme will raise awareness about the potential of Ghana’s agriculture and attract the necessary investments so that we can achieve food security and economic growth in Ghana. On behalf of the government, I wholeheartedly acknowledge our responsibility to create a conducive environment, and we are resolutely committed to meeting this expectation through regulatory measures and other incentives.”

Meanwhile, Deputy Minister of Finance Dr. John Kumah assured that the Ministry will ensure that the required funds are released to the Ministry of Food and Agriculture to help with the successful implementation of the programme.

“By the numbers, the budgetary allocation from the Ministry of Finance has increased from GH¢188 million to GH¢857.8 million in 2022 under President Akufo-Addo. Crucially, we have maintained our resolve and commitment to the agricultural sector. In 2021, we paid GH¢834 million to MOFA, and despite the difficult economic conditions in 2022, the Ministry of Finance ensured that 92% of MOFA’s approved budget was released.”

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