This study investigates the evolution of monetary policy in Ghana and explores the potential of Central Bank Digital Currencies (CBDCs), specifically the e-Cedi, as a tool to enhance financial inclusion and modernize the country’s financial system. Ghana’s monetary policy framework has undergone significant transformations since the establishment of the Bank of Ghana in 1957, with notable achievements in stabilizing the economy and managing inflation. However, large segments of the population, particularly in rural areas, remain unbanked or underbanked, highlighting the limitations of traditional monetary tools. The introduction of the e-Cedi presents an opportunity to bridge these gaps by providing secure, efficient, and accessible financial services to underserved communities. The study employs a qualitative research design, integrating historical analysis, case studies, and thematic analysis to assess the potential benefits and challenges of CBDCs in Ghana. Key findings indicate that while the e-Cedi could significantly enhance financial inclusion, challenges related to technological infrastructure, cybersecurity, and public trust must be addressed. The study concludes that a balanced approach, which prioritizes digital infrastructure development, strong cybersecurity measures, and collaboration with financial institutions, is essential for maximizing the potential of CBDCs in Ghana. Recommendations for future research include a deeper exploration of the impact of CBDCs on financial stability and further analysis of rural adoption barriers.

Allen, S., Capkun, S., Eyal, I., Fanti, G., Ford, B., Grimmelmann, J., Juels, A., Kostiainen, K., Meiklejohn, S., Miller, A., Prasad, E., Wüst, K., & Zhang, F. (2020). Design Choices for Central Bank Digital Currency: Policy and Technical Considerations. Banking & Insurance eJournal. https://doi.org/10.3386/w27634.

Atuahene, R., Agyei I. K., & Frimpong, K. B. (2024). Ghana's Public Debt crisis: Lessons for the present and the future. Wiley

Awadzie, D., Garr D. K., & Tsoekeku T. (2022). The relationship between economic growth and public debt: A threshold regression approach in Ghana. Pressacademia 20(4):1961-1977. DOI: 10.17261/Pressacademia.2022.1549

Banerjee, S., & Sinha, M. (2023). Promoting Financial Inclusion through Central Bank Digital Currency: An Evaluation of Payment System Viability in India. Australasian Accounting, Business and Finance Journal. https://doi.org/10.14453/aabfj.v17i1.14.

Bindseil, U. (2019). Central bank digital currency: Financial system implications and control. International Journal of Political Economy. https://doi.org/10.1080/08911916.2019.169160

Bindseil, U. (2020). Tiered CBDC and the Financial System. ECB: Working Paper Series. https://doi.org/10.2866/134524.

Berriel, T., & Guardado, F. (2018). CBDCs and NIRP: New Tools for Monetary Policy. Monetary Economics: Central Banks - Policies & Impacts eJournal. https://doi.org/10.2139/ssrn.3365114.

Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology. 3. 77-101. 10.1191/1478088706qp063oa.

Chowdhury, A. R. (2001). External Debt and Growth in Developing Countries: A sensitivity and Causal Analysis. World Institute for Development Economics, No.2001/95, pp.1982-1999

Choi, K., Henry, R., Lehar, A., Reardon, J., & Safavi-Naini, R. (2021). A Proposal for a Canadian CBDC. Banking & Insurance eJournal. https://doi.org/10.2139/ssrn.3786426.

Claeys, G., Demertzis, M. & Efstathiou, K. (2018) ‘Cryptocurrencies and Monetary Policy’, Bruegel Policy Contribution No 2018/10, prepared for the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Available at: https://bruegel.org/2018/06/cryptocurrenciesand-monetary-policy/.

Csapai, E. G., Szabó-Szentgróti, G., & Berke, S. (2018). Factors influencing the success in companies in Hungary based on managerial opinions by focus group interviews: Best practices and time management. Journal of Business Economics, Management and Marketing 2018, 39.Davoodalhosseini, M., Rivadeneyra, F., & Zhu, Y. (2020). CBDC and Monetary Policy. . https://doi.org/10.34989/SAN-2020-4.

Diego, R. C., Jonhannes, H. S., & Marcelo, T. B. (2009). External Debt and Economic Growth.

Duffie, D., Mathieson, K., & Pilav, D. (2021). Central Bank Digital Currency: Principles for Technical Implementation. ERN: Monetary Policy Objectives; Policy Designs; Policy Coordination (Topic). https://doi.org/10.2139/ssrn.3837669.

Fang, W., Liu, N., Pan, Q., & Zhou, B. (2023). The trilateral game of privacy perception, financial regulation and central bank digital currency issuance. Journal of Accounting, Business and Finance Research. https://doi.org/10.55217/102.v16i2.644.

Fosu, A. K. (1996). The impact of external debt on Economic growth in Sub-Saharan Africa. Journal of Economic development, 21(1), 93-117.

Georgieva, K. (2022).The Future of Money: Gearing up for Central Bank Digital Currency, prepared for the Atlantic Council, Washington, DC, Available at: https://www.imf.org/en/News/Articles/2022/02/09/sp020922-the-future-of-money-gearing-up-for-central-bank-digital-currency

https://www.bog.gov.gh/news/press-release-bank-of-ghana-partners-with-gieseckedevrient-to-pilot-first-general-purpose-central-bank-digital-currency-in-africa/

https://www.crisis24.garda.com/alerts/2024/03/west-africa-internet-service-disruptions-reported-across-western-africa-march-14

https://www.imf.org/en/News/Articles/2022/12/12/pr22427-imf-reaches-staff-level-agreement-on-a-3-billion-three-years-ecf-with-ghana

Hoffmann, P., Monnet, C., & Ahnert, T. (2022). The digital economy, privacy, and CBDC. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4110431.

Howell, B. E., & Potgieter, P. H. (2021). Central Bank Issued Digital Currencies. Available at SSRN 3782968.

Infante, S., Kim, K., Orlik, A., Silva, A., & Tetlow, R. (2022). The Macroeconomic Implications of CBDC: A Review of the Literature. Finance and Economics Discussion Series. https://doi.org/10.17016/feds.2022.076.

Jenei, S., & Módosné Szalai, S. (2022). A digitális átalakulás és a koronavírus járvány hatásai a munkaerőpiacon. Új Munkaügyi Szemle, 3(2), 2-12.

Kálmán B. G., Grotte J., Lakshmi, V., Tóth A., Módos-Szalai Sz., Zugor Zs., & Malatyinszki Sz. (2024a). Sustainable city tourism—A systematic analysis of Budapest and Mumbai. Journal of Infrastructure, Policy and Development (JIPD), 8(9), 7933. http://doi.org/10.24294/jipd.v8i9.7933

Kálmán B. G., Malatyinszki Sz., Bárczi J., & Zéman Z. (2024b). Corrupción e Inclusión Financiera en Hungría y México [Corruption and Financial Inclusion in Hungary and Mexico, in Spanish]. Revista Mexicana de Economía y Finanzas Nueva Época // Mexican Journal of Economics and Finance (REMEF), 19(2). e1015. http://doi.org/10.21919/remef.v19i2.1015

Kálmán B. G., Malatyinszki Sz., Zugor Zs., & Szőke B. (2024c). Perceived Corruption in Light of Green Transition Indicators. Revista de Gestão Social e Ambiental // Environmental and Social Management Journal (RGSA), 18(3). e07855. http://doi.org/10.24857/rgsa.v18n3-166

Koumbarakis, A. & Dobrauz-Saldapenna, G. (2019). Central Bank Digital Currency: Benefits and Drawbacks (July 19, 2019). Retrieved from SSRN: https://ssrn.com/abstract=3429037 or http://dx.doi.org/10.2139/ssrn.3429037

Kőmüves, Z., Walter, V., Szabó-Szentgróti, G., Dajnoki, K., Kálmán, B., Tóth, A., … Pató Gáborné Szűcs, B. (2024). The impact of COVID-19 and the Russian-Ukrainian conflict on the organisations studied. Vezetéstudomány Budapest Management Review, 55(3), 14–28. https://doi.org/10.14267/VEZTUD.2024.03.02

Leonov, M. (2022). Monetary policy and banking intermediation in CBDC economy. Independent Journal of Management & Production. https://doi.org/10.14807/ijmp.v13i4.1928.

Meaning, J., Dyson, B., James Barker, J., & Clayton, E. (2018). Broadening Narrow Money: Monetary Policy with a Central Bank Digital Currency. ERN: Monetary Policy Objectives; Policy Designs; Policy Coordination (Topic). https://doi.org/10.2139/ssrn.3180720.

Mahardika, Z., Permana, R., & Maulisa, N. (2023). Going digital rupiah: some considerations from sovereignty and cybersecurity perspectives. Journal of Central Banking Law and Institutions. https://doi.org/10.21098/jcli.v2i1.42.

Mukati, A., & Prakash, D. (2022). The Role of Data Leakage Prevention System in CBDC. Indian Journal of Cryptography and Network Security. https://doi.org/10.54105/ijcns.b3604.112222.

Nabilou, H., & Prüm, A. (2019). Central Banks and Regulation of Cryptocurrencies. Comparative Political Economy: Monetary Policy eJournal.

Németh E., Kálmán B. G., & Malatyinszki Sz. (2024). Pénzügyi biztonság Magyarországon: a 2023-as OECD-felmérés eredményeinek kettős nézőpontú elemzése [Financial security in Hungary: A dual perspective analysis of the 2023 OECD survey results, in Hungarian]. Statisztikai Szemle // Hungarian Statistical Review, 102(9), pp. 896–915. https://doi.org/10.20311/stat2024.09.hu0896

Nesterov, I. (2023). Central bank digital currencies: An innovative tool for enhancing domestic and cross-border payments and settlements. St Petersburg University Journal of Economic Studies. https://doi.org/10.21638/spbu05.2023.102.

Nguyen, T., Nguyen, B., Nguyen, K., & Pham, H. (2019). Asymmetric monetary policy effects on cryptocurrency markets. Research in International Business and Finance.

Osei., B. (1995). Ghana: The burden of debt service payment under structural adjustment. African Economic Research Consortium, AERC Research Paper 33.

Othman, A., Alhabshi, S., & Haron, R. (2019). Crypto-currencies, Fiat Money or Gold Standard; An Empirical Evidence from Volatility Structure Analysis Using News Impact Curve. International Journal of Monetary Economics and Finance.

Ozili, P. (2022). CBDC, Fintech and cryptocurrency for financial inclusion and financial stability. Digital Policy, Regulation and Governance. https://doi.org/10.1108/dprg-04-2022-0033.

Pilkington, P. (2014). Thinking Makes It So – The IMF Bailout of the UK in 1976 and the Rise of Monetarism. Fixing the Economists.

Prah, J. G. & Ofori C. (2022). External debt and foreign investment: An Empirical analysis on the economy of Ghana. Eurasian Journal of economics and finance. 54-67, DOI: 10.15604/ejef.2022.0.02.002

Qian, Y. (2019). Central Bank Digital Currency: optimization of the currency system and its issuance design. China Economic Journal, 12, 1–15. https://doi.org/10.1080/17538963.2018.1560526.

Rolf, M. (2005). External Debt and Pro-Poor Growth. .Open Access Publication Server of ZBW

Sackitey, D. (2018). Achieving Financial Inclusion in Ghana through Mobile Money. Texila International Journal of Academic Research. https://doi.org/10.21522/TIJAR.2014.05.01.ART005.

Semeko, G. (2022). Central Bank Digital Currency: New Opportunities for Cross-Border Payments. Financial Journal. https://doi.org/10.31107/2075-1990-2022-4-108-121.

Serzhena Tcyrempilova, Can Ertugrul, Mihály Hegedűs, Mohammad Daud Ali, Lóránt Dénes Dávid, Róbert Magda Evaluation of Russian OFDI based on balance of payments and OECD data (before COVID-19) JOURNAL OF INFRASTRUCTURE POLICY AND DEVELOPMENT 8 : 6 Paper: 3717 (2024) DOI: https://doi.org/10.24294/jipd.v8i2.3717

Shkliar, A. (2020). The phenomenon of central banks’ digital currencies (CBDC): key attributes and implementation perspectives. 2020, 123-137. https://doi.org/10.15407/socium2020.01.123.

Soderi, S., Hämäläinen, M., & Iinatti, J. (2021). Cybersecurity considerations for CBTC.. https://doi.org/10.36227/techrxiv.14701554.

Szabo-Szentgroti, G., Csonka, A., & Szabo-Szentgroti, E. (2016). Work vision among Y generation. Economic and Social Development: Book of Proceedings, 294.

Thornton, M. (2015), “Gold and economic inequality”, available at: https://mises.org/library/gold-andeconomic-inequality

Todaro, M. P., & Smith, S. C. (2009). Economic Development. (10thedn.). United Nations Conference on Trade and Development. (UNTAD/ITCD/203/1). Essess, England: Pearson Education Ltd.

Yang, J., & Zhou, G. (2022). A study on the influence mechanism of CBDC on monetary policy: An analysis based on e-CNY. PLoS ONE, 17. https://doi.org/10.1371/journal.pone.0268471.