The latest central bank digital currency (CBDC) initiative from the Banking company of Ghana (BoG) has been met with skepticism as Afroblocks, an in-house independent association, speculates the lack of clarity on the central bank's intentions.

Afroblocks (previously Blockchain Society Ghana) has warned the BoG to steer away from "old traditional siloed fiscal thinking" while planning and developing its digital currency.

Rather, Afroblocks co-founder Omar Majdoub said that the success of a CBDC in Ghana will be in its ability to emulate modern-solar day cryptocurrencies — i.e., beingness borderless and decentralized.

The BoG has partnered with German securities printing house Giesecke+Devrient (Thousand+D) for the CBDC project, which will provide a solution based on the unique requirements of Republic of ghana and its citizens. The partnership will run across 1000+D utilize its proprietary CBDC solution, Filia, to outcome Ghana's digital version of the cedi, which will exist tested past local banks, businesses and citizens.

Despite G+D's involvement in Ghana's pilot CBDC, Majdoub noted the BOG'south unwillingness to discuss the developments openly with home organizations with similar experience and expertise:

"Public details on the CBDC are very sparse. Nosotros would be more than willing to contribute our expertise if called upon."

Majdoub besides questioned Ghana'south stance on crypto assets, every bit the country currently does not offer regulatory clarity related to cryptocurrencies.

Rooting for the success of the before long-to-be-launched e-cedi, Majdoub urged the fundamental bank to brand its CBDC plans and "intentions regarding cryptocurrencies" bachelor to the general public.

Related: Ghana's vice president declares Africa should embrace digital currencies

Supporting the BoG's move to airplane pilot CBDC in the region, Ghanaian Vice President Mahamudu Bawumia said that a "single central payment" system could catalyze trade amidst the African nations.

At the Fifth Ghana International Trade and Finance Conference, Bawumia said that a digital payments organisation can rectify the costly and time-consuming process of moving goods across the African borders.