Nigeria has progressed with its eNaira, while Ghana’s much-anticipated eCedi remains in a pilot phase with no rollout date. With the Central Bank of Nigeria facing adoption challenges, Ghana can draw lessons from its experience by focusing on public education, private sector involvement, and interoperability with existing financial services. Leadership changes at the Bank of Ghana raise questions about the future prioritization of the eCedi.
The evolution of Nigeria’s digital currency raises questions about Ghana’s position with its planned eCedi. Nigeria initially launched the eNaira, Africa’s first central bank digital currency (CBDC), in October 2021, signaling its leadership in the digital finance sector and prompting Ghana to announce the eCedi shortly thereafter. However, while the eNaira is operational, Ghana’s eCedi remains in a pilot phase with no clear rollout date, leading to uncertainty about its future.
The Central Bank of Nigeria (CBN) introduced the eNaira with high expectations, yet its adoption has been disappointing, with fewer than 1 million users by late 2023. Contributing factors include low public awareness, concerns regarding government oversight, and stiff competition from established mobile money services. Consequently, Nigeria has introduced cNGN, a privately-backed stablecoin designed to enhance user confidence and adoption.
In 2021, the Bank of Ghana (BoG) collaborated with Giesecke+Devrient to explore the eCedi’s feasibility. Initial pilot trials included operational testing in select locations such as Accra, focusing on online and offline functionalities. Despite receiving an award for its design aimed at enhancing financial inclusion, the eCedi has yet to achieve the anticipated rollout, leading to speculation regarding its viability.
Ghana’s BoG underwent significant leadership changes with the arrival of Dr. Johnson Asiamah following the departure of Dr. Ernest Addison, raising questions about potential shifts in monetary policy priorities. Given the country’s current economic challenges, including inflation and high public debt, it remains uncertain if the new administration will prioritize launching the eCedi or reassess its feasibility.
Ghana can learn from Nigeria’s experience by emphasizing public education and awareness to promote the eCedi effectively. Involvement from the private sector may enhance adoption through collaboration with financial institutions. Additionally, ensuring interoperability with existing mobile money services and highlighting cross-border functionality can improve the eCedi’s market acceptance. As of 2025, the eCedi’s future remains ambiguous. The BoG has expressed intentions for a 2026 launch; however, the focus on economic stability could affect this timeline. A cautious approach could foster a more sustainable digital currency if executed effectively, prompting Ghana to either maintain its government-led model or consider public-private partnerships for the eCedi’s development.
As digital currencies begin to reshape financial landscapes, the initiatives of Nigeria and Ghana represent two contrasting approaches to central bank digital currencies (CBDCs). Nigeria made an early move with its eNaira, while Ghana is still in the exploratory stages with its eCedi. The landscape of digital currencies raises questions about adoption, efficiency, and the competitive dynamics between different countries in West Africa. With Nigeria facing challenges but also actively innovating, Ghana has the opportunity to refine its strategy in pursuing financial innovation.
In conclusion, Ghana’s eCedi project remains in limbo, trailing behind Nigeria’s significant progress with the eNaira. The Bank of Ghana must prioritize public awareness, engage the private sector, and ensure significant integration with existing financial systems to facilitate effective adoption. With leadership changes and economic challenges, the path forward for the eCedi requires careful planning and strategy to meet its goals and learn from the experiences of its neighbor, Nigeria.
Original Source: 3news.com
