⚠️ 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 concerns over human rights and economic instability, 🇬🇭 Ghana pushes on with plans to launch its Central Bank Digital Currency (CBDC).
✅ In 2021, Ghana’s Vice President, Mahamudu Bawumia urged African governments to adopt CBDCs, not cryptocurrency, to boost trade. The Bank of Ghana partnered with Giesecke+Devrient for a CBDC pilot program.
✅ The CBDC was scheduled for a 2022 launch, but inflationary pressures forced a delay. The Bank of Ghana decided to focus more on managing the macroeconomic environment before resuming the CBDC project.
✅ The Bank of Ghana publicized its motives and plans for the CBDC, aiming at counteracting cryptocurrency, digitizing the economy, promoting financial inclusion and regulatory preparedness.
✅ By 2023, the Bank had completed its pilot and is planning the CBDC launch. However, persistent economic instability further postponed the launch.
✅ In 2024, Vice President Bawumia elaborated on the CBDC's potential uses to combat corruption, enhance transparency, collect taxes, and prevent money laundering.
✅ Despite a decent Freedom score, Ghana faces serious human rights issues such as suppression of free speech and corruption, which a CBDC could exacerbate.
✅ Reported attacks on journalists in 2022 raise concerns that a CBDC could be misused to silence critics by controlling their finances.
✅ Rampant corruption, as evidenced by a whopping $346 million financial mismanagement report in 2022, fuels skepticism about government assurances on curbing surveillance or other CBDC risks.
#GhanaCBDC #CentralBank #DigitalCurrency #HumanRights #FinancialInclusion #EconomicStability
What ramifications could the launch of Ghana's CBDC have on the country's human rights scenario and how can global entities ensure financial technologies do not unwittingly abet governmental control or corruption? Let's start the discussion!
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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