Ghana plans cross-border digital cedi payments to boost African trade

The Bank of Ghana says the next phase of the e-Cedi project will focus on cross-border payments and faster regional trade settlements across Africa.

ACCRA, Ghana —
Ghana is preparing to expand its central bank digital currency, the e-Cedi, into cross-border payments and wholesale financial settlements as the Bank of Ghana seeks to support faster regional trade and deeper financial integration across Africa.

The announcement follows the completion of the pilot phase of the e-Cedi project, which tested the operational and technological foundations of Ghana’s proposed digital currency system before wider deployment. Bank of Ghana officials say the next phase will focus on regional interoperability, payment efficiency and integration with broader African financial systems. “The e-Cedi has completed its pilot phase, and we’re now actively designing its use for cross-border settlements and wholesale payments,” Bank of Ghana Governor Dr Johnson Pandit Asiama said at the opening of the ACI World Congress in Accra.

How Ghana plans to use the digital cedi across Africa

Dr Asiama said the digital currency initiative was intended to reduce friction in cross-border transactions and support faster movement of payments between African economies. “A payment initiated in Accra should clear in Abidjan or Lagos as easily as it clears in Kumasi,” he said. “This is not a regional aspiration; it is a design logic of competitive emerging markets in the decades ahead.”

Central bank digital currencies, commonly known as CBDCs, are digital forms of sovereign currencies issued and regulated by central banks. Governments worldwide are increasingly exploring CBDCs as alternatives to slower and more expensive traditional payment systems. The Bank of Ghana says the e-Cedi project could eventually support wholesale banking transactions, regional settlements and potentially lower transaction costs linked to intra-African trade.

The initiative also aligns with broader African efforts to strengthen regional payment systems under the African Continental Free Trade Area (AfCFTA), which aims to increase trade between African economies by reducing commercial and financial barriers.

Why cross-border payments matter for African trade

Cross-border payments in Africa remain among the most expensive and fragmented globally, with businesses often facing delays, high transaction charges and currency conversion costs when moving money across borders. Economists say faster and more integrated digital payment systems could improve trade efficiency, support small businesses and strengthen financial inclusion across the continent.

For exporters, traders and diaspora communities, cheaper and faster settlements could reduce dependence on intermediary banking systems and improve access to regional markets. The Bank of Ghana has also positioned digital finance as part of broader efforts to modernise Ghana’s financial infrastructure and expand participation in the formal banking system. Dr Asiama said Ghana had passed the Virtual Assets Act, 2025 (Act 1154), aimed at creating a clearer regulatory framework for digital financial assets and emerging payment technologies.

Analysts warn adoption and regulation remain key challenges

Despite growing interest in central bank digital currencies, analysts caution that large-scale adoption will depend on public trust, cybersecurity protections and coordination between financial regulators across different countries.

Some economists also warn that digital currencies could face resistance if businesses and consumers do not see clear advantages over existing mobile money and banking platforms. Financial technology researcher Dr Kwame Owusu said cross-border CBDC systems could significantly improve payment efficiency but warned that implementation challenges remained substantial.

“Digital payment integration across multiple countries requires strong regulatory coordination, technical compatibility and confidence in the underlying financial systems,” he said. Questions also remain over data privacy, financial surveillance concerns and infrastructure readiness in countries where internet access and digital banking penetration remain uneven. Ghana joins a growing number of African economies exploring sovereign digital currencies, including Nigeria, which launched the eNaira in 2021 as part of efforts to accelerate digital finance adoption.

Ghana seeks stronger role in African fintech sector

The announcement came during the two-day ACI World Congress in Accra attended by regulators, financial market professionals and banking industry representatives from more than 60 countries. Roy Daniels, Chairman of the ACI Financial Markets Association, said participation from African institutions in global financial market discussions was increasing amid rapid digital transformation across the continent.

Lawrence Osilaja Boampong, President of ACI Ghana, said hosting the congress reflected growing international interest in Africa’s evolving digital finance and payment systems. Analysts say Ghana’s digital finance ambitions also reflect increasing competition among African economies seeking to position themselves as regional fintech and payments hubs amid rapid growth in mobile money, digital banking and financial technology investment. However, they caution that the long-term success of the e-Cedi will ultimately depend on adoption levels, regulatory coordination and public confidence in digital financial systems.