Ghana To Launch e-Cedi In 2025 After Delays, Aims To Outpace Nigeria

After years of anticipation and development, Ghana is poised to launch its central bank digital currency (CBDC), the e-Cedi, in 2025, marking a significant milestone in the country’s digital finance journey. The Bank of Ghana (BoG) has confirmed its readiness to roll out the e-Cedi this year, pending parliamentary approval, positioning Ghana to potentially leapfrog regional rival Nigeria in the race for a successful African CBDC. With Nigeria’s eNaira faltering since its 2021 debut, Ghana is betting on a unique approach—particularly its offline functionality—to avoid similar pitfalls and drive financial inclusion.

Ghana was once a frontrunner in Africa’s CBDC race, announcing plans for the e-Cedi in 2019 and initiating pilot testing in 2021. However, economic challenges, including inflation, currency depreciation, and a high public debt burden, stalled progress, allowing Nigeria to steal the spotlight with the eNaira’s launch in October 2021—the continent’s first CBDC. Three years later, the e-Cedi remains in the pilot phase, but recent developments signal a turning point. On March 2, 2025, Techpoint Africa reported that the BoG is now prepared to move forward with a full rollout contingent on legislative green lights expected within the year.

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The leadership transition at the BoG may also play a role. Former Governor Ernest Addison stepped down in March 2025, succeeded by Dr. Johnson Asiamah, a seasoned economist with over 23 years at the bank. Posts on X and recent updates suggest that Asiamah’s administration is eager to prioritize the e-Cedi, viewing it as a tool to stabilize monetary policy and boost financial inclusion amidst Ghana’s economic woes.

Nigeria’s eNaira, hailed as a pioneering effort, has struggled to gain traction. Within its first year, less than 0.5% of Nigerians used it, and by March 2024, it accounted for just 0.36% of the country’s total money in circulation. Analysts point to weak infrastructure, unreliable electricity, low public trust in government-backed initiatives, and concerns over financial crime as key barriers. The International Monetary Fund noted in 2023 that 98.5% of eNaira wallets remained unused, underscoring a stark disconnect between ambition and execution.

Ghana aims to sidestep these issues with a practical design. Unlike the eNaira, which initially relied heavily on Internet connectivity and a mobile app, the e-Cedi will feature offline functionality via contactless smartcards and digital wallets. Kwame Oppong, the BoG’s head of fintech and innovation, emphasized this advantage at the 2023 Africa Money and DeFi Summit, stating, “We’re providing a digital form of currency that mimics cash—accessible even without the Internet.” This could prove transformative in rural Ghana, where mobile Internet penetration remains patchy despite a thriving mobile money ecosystem led by platforms like MTN Mobile Money and Vodafone Cash.

While many CBDCs, including Nigeria’s eNaira, leverage blockchain technology, Ghana is opting for a simpler approach—at least initially. The e-Cedi will launch on a centralized system, a decision that contrasts with Nigeria’s use of the Hyperledger Fabric blockchain. According to a March 1, 2025, X post by @hbarTaTa, the e-Cedi is designed with future interoperability in mind, potentially integrating with distributed ledger technology (DLT) like Hedera down the line. This phased strategy allows Ghana to test the waters without the complexity of blockchain, though it may disappoint crypto enthusiasts hoping for a decentralized framework from the outset.

The BoG argues that this centralized model ensures stability and control, critical given Ghana’s economic volatility. Oppong has previously highlighted cost-saving as a key motivator, noting that the bank spent 325 million cedis ($40 million) printing banknotes in 2022 alone. A digital currency could reduce such expenses, though development costs remain undisclosed.

Recent posts on X reflect growing excitement about the e-Cedi’s imminent launch. On March 3, @RemoteNewsNG tweeted, “After years of development, Ghana is finally ready to roll out its CBDC, the e-Cedi, marking a major step in the country’s digital finance landscape.” Similarly, @AccraDigiDigest celebrated the news alongside other digital milestones, such as Ghana and Rwanda’s launch of Africa’s first License Passporting Framework. These updates suggest a broader push toward digital transformation under Asiamah’s leadership.

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Meanwhile, Nigeria is evolving its own digital currency strategy. The introduction of cNGN, a private-sector-backed stablecoin pegged 1:1 to the naira, signals a pivot from the eNaira’s centralized model. Unlike the eNaira, cNGN has gained traction by involving banks and fintechs, a lesson Ghana is taking to heart. The BoG has pledged to integrate the e-Cedi with existing mobile money platforms rather than compete with them, a move that could bolster adoption.

Not everyone is sold on CBDCs. The Bank for International Settlements (BIS), led by Agustín Carstens, remains skeptical of stablecoins, arguing that CBDCs and improved traditional payment systems could render them obsolete. Carstens’ stance, reiterated in early 2025, aligns with the BIS’s broader critique of crypto’s centralization despite its decentralized rhetoric. Some nations, like Denmark and Australia, have abandoned CBDC plans, citing robust existing infrastructures. In Ghana, critics question whether the e-Cedi offers enough distinction from mobile money, which already enjoys widespread use and offers interest-bearing wallets—unlike the e-Cedi, which mimics non-interest-bearing cash.

Yet, the BoG remains steadfast. The e-Cedi’s cross-border potential, demonstrated in a 2023 pilot with Singapore, positions it as a tool for cheaper remittances—a $3 billion annual lifeline for Ghana. If successful, it could set a precedent for other African nations watching closely.

As of March 3, 2025, the e-Cedi’s launch hinges on legislative approval, with technical refinements ongoing. Ghana’s cautious yet innovative approach—prioritizing offline access and private-sector collaboration—could make it a CBDC success story where Nigeria stumbled. With Dr. Asiamah at the helm, the BoG appears determined to deliver, but the clock is ticking. Will Ghana’s delay prove to be a strategic pause, or will it risk falling further behind in Africa’s digital currency race? For now, all eyes are on Accra.