Ghana pilots blockchain-based credentials and CBDC

The Bank of Ghana (BoG) has completed a proof of concept exploring the use of digital credentials for international trade and cross-border payments based on CBDC. The proof of concept is part of the "Semi-fungible Tokens for the Digital Economy" (Project Desft), an exploration by the Bank of Ghana and the Monetary Authority of Singapore on how to use technology to promote the participation of micro, small and medium-sized enterprises in developing countries in international trade. "Project Desft aims to support African SMEs in participating in international trade by removing significant barriers they face in international trade, such as building trust with overseas trading partners and accessing cross-border payments and supply chain financing support," said Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana.