E-Cedi will help combat money laundering, corruption - Bawumia

Vice President, Dr. Mahamudu Bawumia, has declared the government's intention to fast-track the introduction of the E-cedi, which he says is aimed at curbing money laundering and corruption.

Initially developed by the Bank of Ghana in 2021, the E-cedi's release has been delayed due to economic concerns.

Speaking at the 14th Commonwealth Regional Conference for Heads of Anti-Corruption Agencies in Africa, held in Accra on Thursday, Dr. Bawumia highlighted the role of digital technology in monitoring financial transactions and combating illicit activities.

As reported by citinewsroom.com, he expressed confidence that the E-Cedi, once fully implemented, will serve as a powerful tool against corruption, offering greater transparency and reducing fraudulent activities.

"We are also using digital technology to track money and suspicious activity, and we are working very closely with the central bank to introduce a central bank digital currency (CBDC), which we call the E-Cedi.

"The E-Cedi is essentially a digital version of our currency with appropriate privacy protections. It will be the ultimate weapon in our fight against corruption, and it will make it easy to track the movement of money and identify suspicious activity.

"It will also provide us with high-level transparency, reduce the risk of fraud, and reduce the level of tax avoidance and money laundering," he stated.

Additionally, Dr. Bawumia mentioned the government's efforts in protecting public resources, including the implementation of the National Identification System.

ID/ ADG

Watch the latest edition of BizTech below:



Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

Click here to follow the GhanaWeb Business WhatsApp channel