Cedi Hackathon News Today

The Government has announced plans to set up a FinTech Innovation Fund to support startups in the FinTech industry to drive Ghana’s digital revolution. 

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Vice President Mahamudu Bawumia has hailed the innovative strides being made by players and stakeholders in the Ghanaian digital ecosystem, especially in the area of FinTech, saying the technological feats chalked so far vindicate Government’s decision to lay a solid foundation for the digital transformation of the Ghanaian economy for inclusive development.

ACCRA, Ghana, December 18, 2023--EMTECH, a Modern Central Banking Infrastructure company, has successfully delivered a 12-week CBDC Hackathon as a strategic pilot for the Bank of Ghana. This is the company's latest technical partnership with Bank of Ghana, following the deployment of its Digital Regulatory Sandbox.

Speaking at the eCedi Hackathon Awards Dinner, the Governor said “The ORASS is a major reform using technology to enhance our oversight of the financial system and we are the first African Central Bank to develop such a system. We have had Central Banks come from South Africa, Egypt, Barbados, Zambia and Solomon Islands to learn from us”.

On the macro side, we started off with a robust fiscal stance. From 2017 through to 2019, central bank financing of the budget was zero, even though the Bank of Ghana Act pegged it at 5% of the previous year’s tax revenue. In that context, inflation declined very quickly. Therefore, the monetary policy rate also came down, and growth rebounded strongly. This was the context for the first three years of the current administration.

An international financial technology (Fintech) expert, Jason Marshall, has said Ghana’s digital currency yet to be fully rolled out holds...

Bank of Ghana in collaboration with EMTECH Solutions Inc. has launched an eCedi hackathon in Accra. It is to provide opportunities for FinTechs,...