⚠️ 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:

🇬🇭 Ghana's Central Bank Digital Currency launch delayed due to economic instability despite completion of its pilot, heightening concerns about human rights and civil liberties.

✅ 🇬🇭 in 2021 initiates embracing digital currencies while excluding cryptocurrency, paving the way to Central Bank Digital Currencies (CBDC).

✅ Mahamudu Bawumia, Ghana's Vice President (2021), propounds the need for digital currencies to enhance trade.

✅ Pilot retail CBDC launched through the partnership between Bank of Ghana and Giesecke+Devrient.

✅ The 2022 CBDC launch 🇬🇭 had planned is delayed owing to high inflation, as stated by the Bank of Ghana governor Ernest Addison.

✅ A report by the Central Bank of 🇬🇭 outlining the motivations and design principles for a Ghanaian CBDC is published.

✅ In 2023, the Bank of 🇬🇭 announced the completion of its CBDC pilot and plans the launch which was delayed due to economic instability.

✅ Mahamudu Bawumia, Vice President of 🇬🇭, in 2024 announces the vision for CBDC as a tool to fight corruption, enhance transparency, collect taxes, and prevent money laundering.

✅ Despite an 80 out of 100 on Freedom House’s 2023 Freedom in the World report, 🇬🇭 faces challenges with freedom of expression and significant corruption.

✅ Amnesty International and U.S. Department of State have raised concerns about restricting journalists and possible financial control using the CBDC.

✅ Increased corruption in 🇬🇭 could worsen the concerns related to surveillance, control, and restrictions associated with CBDC.

✅ Existence of corruption could raise questions about the promised CBDC policies and might lead to political favouritism.

#CBDCs #Ghana #Bawumia #BankOfGhana #GieseckeAndDevrient #FreedomHouse #AmnestyInternational #USDOS #GlobalEconomics #HumanRights

How might the introduction of CBDCs in countries like 🇬🇭 impact the democratization of financial systems and the protection of personal freedoms in the Digital Age? What lessons can be learned from 🇬🇭's experiences for other countries considering the adoption of CBDCs?

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)

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