Bank of Ghana to Leverage eCedi and Singaporean Stablecoin for Cross-Border Payments

In a pioneering move aimed at revolutionizing cross-border transactions, the Bank of Ghana (BoG) has announced a strategic partnership with Singaporean financial authorities to facilitate payments using Ghana’s Central Bank Digital Currency (CBDC), the eCedi, and a Singaporean stablecoin. This initiative marks a significant milestone in the evolution of digital currencies and financial cooperation between the two nations.

The Rise of the eCedi and Stablecoins

The eCedi, Ghana’s CBDC, was introduced as part of the country's broader strategy to enhance financial inclusion, reduce the cost of transactions, and improve the efficiency of payment systems. The eCedi offers a digital alternative to physical cash, backed by the full faith and credit of the Bank of Ghana.

On the other side of the partnership, Singapore has been a global leader in the fintech space, particularly in the development and regulation of stablecoins. Stablecoins, digital currencies pegged to stable assets like fiat currencies, are designed to minimize volatility, making them ideal for secure and predictable transactions.

Enhancing Cross-Border Transactions

The collaboration between BoG and Singapore aims to address the long-standing challenges associated with cross-border transactions, such as high costs, lengthy processing times, and lack of transparency. By leveraging the eCedi and a Singaporean stablecoin, the two nations seek to create a seamless, efficient, and secure cross-border payment ecosystem.

The initiative is expected to offer multiple benefits:

  1. Cost Reduction: Utilizing digital currencies for cross-border payments can significantly lower transaction fees, which are often prohibitively high through traditional banking channels.

  2. Speed and Efficiency: Digital currencies can facilitate near-instantaneous transactions, drastically reducing the time required for cross-border payments, which can currently take several days.

  3. Transparency and Security: Blockchain technology, which underpins digital currencies, offers enhanced transparency and security features, ensuring all transactions are traceable and immutable.

Pilot Program and Future Prospects

The pilot program, set to commence in the coming months, will involve selected financial institutions and fintech companies from both Ghana and Singapore. These participants will test the interoperability of the eCedi and the Singaporean stablecoin in real-world scenarios, focusing on both retail and wholesale transactions.

This initiative also includes developing a regulatory framework to ensure compliance with international standards and safeguard against financial crimes. The insights gained from the pilot program will be critical in refining the system and potentially expanding it to include more countries and digital currencies in the future.

Strategic Implications

The move by the Bank of Ghana to embrace digital currency for cross-border payments positions the country at the forefront of the digital financial revolution in Africa. It underscores Ghana’s commitment to leveraging technology to drive economic growth and financial inclusion.

For Singapore, this partnership reaffirms its status as a global fintech hub, showcasing its innovative approach to integrating stablecoins into mainstream financial systems. It also highlights the potential for stablecoins to play a significant role in the global payment infrastructure.


The collaboration between the Bank of Ghana and Singapore represents a forward-thinking approach to solving the complexities of cross-border payments. By integrating the eCedi and Singaporean stablecoin, the two nations are setting a precedent for how digital currencies can be used to create more efficient, cost-effective, and secure financial ecosystems. This initiative not only strengthens the financial ties between Ghana and Singapore but also serves as a model for future international digital currency collaborations.

Emmy Igho