On June 12, the Bank of Ghana announced the successful completion of its initial proof of concept (POC), demonstrating the use of digital credentials for international trade and cross-border payments. This POC, utilizing the Digital Economy Semi-Fungible Token (DESFT), was conducted in partnership with the Monetary Authority of Singapore (MAS).

According to a statement, the first phase of the project focused on designing and developing a trusted credential system aimed at supporting Ghanaian small and medium-sized enterprises (SMEs) in international trade. The second phase of Project DESFT achieved successful cross-border trade between Ghana and Singapore in April 2024.

The statement highlighted that this trade showcased the potential of the Bank of Ghana's proposed central bank digital currency (CBDC), known as the e-cedi, for facilitating cross-border transactions. The BOG emphasized that the introduction of the e-cedi would enhance Ghana's payment ecosystem and improve consumer experiences.

Maxwell Opoku-Afari, the first Deputy Governor of the Bank of Ghana, praised the achievement, noting that Project DESFT underscores the central bank's commitment to supporting SMEs in Africa.

"We see financial technology's new generation as offering innovative solutions to these challenges. After nearly a year and two phases of development, we have created a dependable information exchange solution based on UTC standards and Semi-Fungible Token technology," Opoku-Afari stated.

Meanwhile, the Bank of Ghana indicated that Project DESFT aims to further build on its current achievements. Future phases will concentrate on highly automated digital credential processes, programmable payments across various digital currencies, and supporting supply chain finance, the statement added.