The Ghanaian national reserve, formally known as the Bank of Ghana (BOG), has announced its plan to host a 12-week innovation contest. During this competition, participants will explore the multifaceted potential of the e-cedi, investigating its nine distinct applications.

Tentatively, Once the contest concludes, the central bank will convene a formal gathering to acknowledge exceptional solutions presented by participants.

Furthermore, In a focused endeavor to tackle economic inequality in Ghana, the Bank of Ghana has introduced an innovation contest. This contest revolves around the newly launched Central Bank Digital Currency (CBDC).

According to the official statement from the bank, this initiative aims to create opportunities for fintech start-ups, programmers, and innovative thinkers. They are encouraged to develop creative solutions that explore the diverse applications of CBDC.

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In an official statement with Emtech, the Ghanaian central bank confirmed the 12-week duration for the innovation contest.

Throughout this timeframe, innovators are anticipated to create pioneering solutions addressing financial inclusion challenges. Following the conclusion of the innovation contest, a formal event will be arranged to acknowledge the outstanding solutions that n surface in its utilization

When explaining why they chose this specific approach to find the most practical solutions, the Bank of Ghana stated;

“The project is a part of the e-cedi research project and presents an opportunity for the Bank to explore emerging technologies, foster creativity and contribute to the advancement of the e-cedi development.”

Meanwhile, the Bank of Ghana invites both individuals and tech enthusiasts to join the innovation contest.

The Bank of Ghana (BOG) encourages developers and innovators to concentrate on nine distinct application scenarios. These scenarios include the use of e-cedi in commercial transactions, government payments, and international remittances.

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