E-Cedi will be used as a weapon to fight money laundering and corruption — Bawumia

Vice President, Dr. Mahamudu Bawumia, has revealed government plans to fast-track the implementation of the Electronic-Cedi (E-cedi), highlighting its potential to combat money laundering and all forms of corruption.

The E-Cedi, a digital equivalent of the local currency, was conceptualized by the Bank of Ghana (BOG) in 2021.

Despite a successful pilot test, the launch of the E-Cedi has been delayed due to what the BOG has described as economic disruptions.

Addressing the 14th Commonwealth Regional Conference for Heads of Anti-Corruption Agencies in Africa in Accra on Thursday, Dr. Bawumia underscored the significance of leveraging digital technologies to tackle corruption.

“We are also utilizing digital technology to monitor financial transactions and detect suspicious activities. We are collaborating closely with the central bank, and they are conducting trials to introduce a central bank digital currency (CBDC) known as the E-Cedi.

“With the successful testing of the E-Cedi, which essentially represents a digital version of our currency with appropriate privacy safeguards, it will serve as the ultimate tool in our anti-corruption efforts,” he emphasized.

“The CBDC will be pivotal because the E-Cedi will facilitate the tracking of money flows and the identification of suspicious transactions. It will offer heightened transparency, minimize fraud risks, and curb tax evasion and money laundering,” he elaborated.

Dr. Bawumia also outlined the government’s initiatives to protect public funds, including the launch of the National Identification System.