Nigeria’s digital currency scene is rapidly evolving, with the country having made headlines with the launch of its central bank digital currency (CBDC), the eNaira, back in 2021.
Recently, Nigeria has even ventured further with cNGN—a privately driven stablecoin pegged 1:1 to the Naira—in a bid to overcome the tepid adoption of the eNaira. While these developments have sparked excitement and debate across the continent, they also cast a long shadow over Ghana’s much-anticipated digital currency, the eCedi.
Ghana was one of the early movers in announcing plans for a CBDC, with the Bank of Ghana partnering with technology experts to pilot the eCedi in select areas such as Accra and Tarkwa. The project was touted as a major step toward financial inclusion, improved payment efficiency, and a move toward a cash-lite economy. Despite winning international accolades for its innovative approach, however, the eCedi has languished in its pilot phase for three years, with no definitive rollout date in sight.
The contrast with Nigeria is stark. Although Nigeria’s eNaira was initially hailed as a game-changer, its uptake has been underwhelming—fewer than one million Nigerians, or less than 0.5% of the population, have embraced it. This slow adoption has led Nigerian authorities to pivot toward a model that leverages private sector dynamism, regulatory oversight, and the collective expertise of fintech innovators. Ghana now faces a critical choice: stick with the central bank-led model for the eCedi or consider a hybrid approach that might spur greater adoption.
Adding to the uncertainty is a recent shake-up at the Bank of Ghana. With the departure of former Governor Dr. Ernest Addison and the appointment of Dr. Johnson Asiamah—a seasoned economist with a controversial reputation—the country’s monetary policy priorities may well be reexamined. Ghana’s economic challenges, including inflation, currency depreciation, and high public debt, now compound the pressure to deliver a digital currency that can meaningfully contribute to stability and growth.
For many observers, Nigeria’s struggles with the eNaira offer valuable lessons. A major stumbling block has been low public awareness—many Nigerians remain unclear about the benefits of a digital currency. Ghana, by contrast, has the opportunity to invest heavily in public education to build trust and understanding before any full-scale launch. There is also the question of interoperability; instead of competing with popular mobile money services like MTN Mobile Money and Vodafone Cash, the eCedi could be designed to work seamlessly with these platforms. Furthermore, its potential for cross-border payments, already demonstrated in preliminary tests with Singapore, should be a cornerstone of its marketing pitch.
Ultimately, while Nigeria’s foray into private sector-driven digital currency innovation may seem like a departure from the traditional model, it serves as a wake-up call for Ghana. With the promise of launching the eCedi before 2026 still hanging in the balance, Ghana must decide whether to maintain a cautious, centrally controlled approach or to embrace a more agile, partnership-driven model. As both nations navigate the evolving landscape of digital finance, the stakes are high—not only for their respective financial sectors but also for the millions of citizens who stand to benefit from a truly transformative payment ecosystem.
