Bank of Ghana Tests CBDC-Powered Cross-Border Payments

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.

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.