Ghana pilots blockchain-based credentials and cross-border payments

The Bank of Ghana (BoG) has completed a proof of concept exploring the use of digital certificates for international trade and cross-border payments based on CBDC. This proof of concept is part of the "Digital Economy Semi-Substitute Token" (Project Desft), which is 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 international trade in developing countries.

Maxwell Opoku-Afari, the first deputy governor of the Bank of Ghana, said: "Project Desft aims to support African micro, small, and medium-sized enterprises in participating in international trade by eliminating major obstacles they face, such as building trust with overseas trading partners and obtaining cross-border payment and supply chain financing support."