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At the award ceremony for the first eCedi Hackathon competition, held on Thursday, December 14, 2023, hosted by the Bank of Ghana in partnership with EMTECH Solution Inc., Vice President Mahamudu Bawumia praised the creative advances being made by players and stakeholders in the Ghanaian digital ecosystem, particularly in the field of FinTech.
He stated that the technological feats accomplished thus far validate the government’s decision to lay a solid foundation for the digital transformation of the Ghanaian economy for inclusive development.
“I am particularly excited at the prospects of harnessing the power of technology to address our developmental problems through cooperative competition by tapping the imaginative capabilities of solution developers, innovators, user experience designers, consumer insight experts, and financial service providers.
“This evening’s programme therefore is more than an awards ceremony. It is a celebration of our capacity to co-create innovative solutions that respond to the diverse needs of the Ghanaian society by leveraging the tools of digital technology.”
Reiterating Government’s commitment to fostering the growth of a digital ecosystem in Ghana, Dr Bawumia stated:
“Over the past few years, the government has made a lot of investment in a curated set of national infrastructure that has laid a solid foundation for the digital transformation of the Ghanaian economy for inclusive economic development. These include the National Identification and Digital Address Systems, e-government services, National Payments, and Digital Financial Services platforms, the backbone of which is the robust broadband infrastructure. These interventions have brought tremendous improvements to the various sectors of Ghanaian society.
“Based on evidence, we are so far convinced that we can accelerate the development of our country and improve the welfare of many Ghanaians if digital solutions are widely adopted. Hence, the government’s national digitalisation agenda seeks to foster the adoption of digital technology in every sector and across the country in furtherance of that objective. In this regard, the government, in 2022 embarked on a project to further improve broadband access to create the necessary conditions for nationwide efficient and quality digital services thereby stimulating a vibrant digital innovation ecosystem. It is expected that solution developers and innovators will take advantage of the government’s massive investment in core infrastructure for a digital economy to come up with solutions that address the myriad needs of the country.”
The Vice President commended the Bank of Ghana for the Hackathon, noting that Ghana is one of three countries in Africa currently piloting a CBDC.
“This feat further underscores your established leadership in digital transformation in sub-Sahara Africa,” he added.
eCedi Hackathon
The most innovative competition in technology and finance, the eCedi Hackathon, unites the most brilliant minds to investigate the limitless potential of a Central Bank Digital Currency (CBDC). According to Bank of Ghana officials, the event’s goals are to promote technological innovation, encourage creativity, and create solutions that will completely reshape the financial landscape in Ghana.
Over the course of 12 weeks, 88 competitors from around the world competed in the Hackathon. During that time, various teams presented creative ideas and solutions for various e-cedi use cases. Additionally, the event gave blockchain enthusiasts, developers, and inventors a stage on which to demonstrate their inventiveness while delving into the plethora of opportunities presented by CBDC technology and making a positive impact on the future of Ghana’s digital financial ecosystem.
This project, which is a component of the eCedi research project, offers the Bank the chance to investigate cutting-edge technologies, encourage innovation, and further the development of eCedi.
Following a rigorous process that included prototypes, pitches, and efficacy demonstrations, Forward Titans emerged as the overall winner, followed by Nokofio and Paycode. Each of them received 500,000, 300,000, and 200,000 eCedi to help them with investments and project upgrades.
Source: Ghanatodayonline.com
