Ghana Explores Blockchain Technology to Facilitate International Trade for SMEs in Developing Countries
Publication Time:2024-07-31 07:16:06
The Bank of Ghana recently successfully completed a proof-of-concept aimed at exploring how digital certificates within blockchain technology and Central Bank Digital Currency (CBDC) can be leveraged to drive international trade and cross-border payments. This initiative is part of the 'Digital Half-Substitutable Tokens' (Project Desft) program, which was launched by the Bank of Ghana in collaboration with Singapore's Monetary Authority. The project aims to investigate how technology can help micro, small, and medium-sized enterprises (MSMEs) in developing countries more effectively participate in global trade activities. Deputy Governor of the Bank of Ghana, Maxwell Opoku-Afari, emphasized that the core objective of Project Desft is to address the challenges faced by MSMEs in global trade, such as building trust with overseas partners, accessing cross-border payments and supply chain financing, thereby enhancing the participation of African MSMEs in the global market.
Blockchain
International Trade
Cross-border payments
Digital Certificates
Developing countries