Bank of Ghana Tests CBDC-Powered Cross-Border Payments
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The Bank of Ghana has wrapped up a pilot project demonstrating the use of digital credentials for international trade and CBDC-based cross-border transactions.
This initiative, known as Project Desft, was a joint effort with Singapore’s Monetary Authority to boost the participation of small and medium-sized enterprises (SMEs) from developing countries in global markets.
Maxwell Opoku-Afari from the Bank of Ghana highlighted that the project aims to ease challenges faced by SMEs, such as establishing trust with international partners and managing cross-border payments.
The pilot focused on trade between Ghana and Singapore using blockchain technology, stablecoins, and digital currencies like Ghana’s eCedi.
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The proof-of-concept successfully showcased a direct transaction model that cuts out intermediaries and reduces transaction costs.
Giesecke+Devrient provided the necessary technology, while Fidelity Bank supported with banking services. According to Giesecke+Devrient, this project illustrates how CBDCs can streamline international trade processes and support SME growth.
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