⚠️ HRF CBDC ⛓️🪙 alert from HRF for Ghana (27-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 31.26%

One-Sentence Summary:

Despite economic instability, 🇬🇭 is persisting in its plans to launch its Central Bank Digital Currency, raising concerns about potential exacerbation of corruption, curtailment of freedoms, and governmental control.

✅ 🇬🇭 is advancing with plans to launch its own Central Bank Digital Currency, despite delays due to economic instabilities.

✅ In 2021, Vice President Mahamudu Bawumia called for African governments to adopt digital currencies, not cryptocurrency, to boost trade.

✅ The Bank of Ghana wanted to launch its CBD in 2022, but the unfavorable macroeconomic environment caused by high inflation led to a delay in plans.

✅ Despite obstacles, the Bank of Ghana is committed to introducing a retail CBDC, hoping it'll address the rise in cryptocurrency, digitalize the economy, encourage financial inclusion, and foresee future regulatory measures.

✅ In 2023, while further delays were reported due to economic instability, the Bank of Ghana completed its CBDC pilot.

✅ Then, in 2024, Bawumia unveiled new plans for the CBDC, aiming to fight corruption, ensure transparency, collect taxes, and prevent money laundering.

✅ But 🇬🇭's history of curbing freedom of expression, corruption, and attacks on journalists potentially pose grave threats if a CBDC takes effect.

✅ Freedom House recorded an increase in assaults on journalists in 2022, which, in conjunction with a governmental tool to seize finances, places dissenting voices in jeopardy.

✅ Corruption in 🇬🇭 culminated in over $346 million in financial mishandling in 2022, raising questions about bias and control concerning CBDC policies.

#CentralBankDigitalCurrency #HumanRights #Ghana #FinancialInclusion #EconomicInstability #PoliticalCorruption

How do you foresee the potential introduction of a CBDC in 🇬🇭, given its history of suppressing freedom of speech and its pervasive corruption, affecting society, particularly those advocating for freedom and opposing the establishment? Could this be a step forward or a setback in its fight against corruption and promoting financial inclusion?

Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.

Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)

CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3

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