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Central Bank of Ghana announces the launch of a regulatory sandbox
Aug 24, 2022
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A statement released by the Bank of Ghana said Ghana's recently launched regulatory and innovation sandbox is the latest demonstration of the central bank's commitment to a regulatory environment that fosters "innovation, financial inclusion and financial stability". According to the central bank, innovations eligible for inclusion in the sandbox include what are considered new digital financial services technologies.
The bank added that the sandbox will help the Bank of Ghana (BOG) to better understand innovative products, while allowing for potential improvements to legal and regulatory requirements to encompass emerging technologies. According to the bank’s statement, the sandbox was jointly developed with Emtech Solutions Inc and is open to all regulated financial institutions in Ghana. Unlicensed fintech startups whose innovative products meet regulatory requirements are also eligible to enter the sandbox environment.
Additionally, the central bank’s statement spoke about BOG’s central bank digital currency (CBDC) project, which has the potential to drive innovation in digital financial services. Digitalisation of Ghana’s financial sector may be further enhanced when CBDC or e-cedi becomes mainstream, the statement said. Regarding blockchain technology, BOG claims that its decision to recognise blockchain solutions in the sandbox pilot phase is a testament to its commitment to in innovation.
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