“Reduce The Risk Of Fraud”: Bawumia Hails E-cedi Digital Plan To Curb Corruption, Money Laundering

• Vice President Mahamudu Bawumia has said the government is expediting the rollout of the e-cedi to curb corruption
• Bawumia also stressed the importance of harnessing digital technologies to combat corruption
• The e-cedi, a digital counterpart of the local currency, was conceived by the Bank of Ghana in 2021

Vice President Mahamudu Bawumia has said the government is expediting the rollout of the E-cedi to curb financial crimes and corruption.

Bawumia also said digital technologies were key to combatting corruption.

“The CBDC will be the ultimate weapon because the e-Cedi will make it easy to track money movement and identify suspicious activity. It will provide us with high-level transparency, reduce the risk of fraud, and reduce the level of tax avoidance and money laundering,” he stated

Bawumia was speaking at the 14th Commonwealth Regional Conference for Heads of Anti-Corruption Agencies in Africa, held in Accra on Thursday.

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The e-Cedi, a digital counterpart of the local currency, was conceived by the Bank of Ghana (BOG) in 2021.

In 2022, the central bank piloted the e-cedi in Sefwi Asafo, a town in the Western North Region.

What is a digital currency?

A digital currency exists exclusively in electronic form. It is not to be confused with the electronic currency currently used in most Ghana banks and ATMs.

With an electronic currency, the money becomes physical once you withdraw it. However, with digital currency, money never takes physical form.

The governor of the Bank of Ghana disclosed that the digital currency is in its advanced stages. However, before the money goes into circulation, it has to go through three phases: design, implementation, and piloting.

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Bawumia says he’s the best choice for president

Earlier, YEN.com.gh reported that the NPP flagbearer, Dr Mahamudu Bawumia, pitched himself to Ghanaians as a decisive leader who could address the country’s pressing issues.

In an interview with Africa Watch magazine, Dr Bawumia stated that his experience as a public servant had exposed him to the country's challenges and the immense potential to overcome them.

He said his profession as an economist makes him the best choice for Ghana, as he can use his cutting-edge skills and perspective to provide pragmatic solutions to the nation’s problems.

Source: YEN.com.gh