How can the E-Cedi reduce corruption? The following is what Dr. Bawumia said!
Dr Bawumia has highlighted transparency as a powerful tool against corruption, and she has underlined the importance of Ghana’s transition to a cashless society.
He highlighted the benefits of cashless communities, citing increased electronic payment usage as a means of enhancing traceability and reducing corruption.
Speaking to the people of Ghana on Wednesday, the New Patriotic Party’s presidential candidate declared that he wanted to quickly transition Ghana to a cashless economy to both promote economic growth and fight corruption.
“I want to get Ghana as close to a cashless economy as I can in the least amount of time.” The Bank of Ghana has implemented many of the necessary processes and infrastructure, thus far making significant strides. These consist of the following: the capacity to use mobile money and merchant services; the Universal QRCode payment system; Gh-Link; debit cards; Ezwich; and GhanaPay.
“The infrastructure required for Ghana to go cashless has been installed. A digitized version of the Ghana cedi note in Sefwi Wiawso has recently concluded its test program, according to the Bank of Ghana. This is called e-cedi, or central bank digital currency (CBDC). The Bank of Ghana will introduce the e-CEdi, which is intended to function both online and offline, when the time comes.
“In my humble opinion, the e-cedi, with appropriate privacy protections, will be the ultimate weapon in our fight against corruption because it will provide transparency, and reduce the risk of fraud, robbery, tax avoidance, and money laundering since it will be easy to track the movement of money and identify suspicious activity. The E-Cedi will quicken the pace of Ghana’s move towards a cashless or near cashless society.”
Credit: Ghanatodayonline.com
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