The Bank of Ghana (BoG) has completed a proof of concept exploring the use of digital credentials for international trade and CBDC-based cross-border transfers. The proof of concept is part of Project Desft, a project by the Bank of Ghana and the Monetary Authority of Singapore exploring how technology can be used to facilitate the participation of micro, small and medium-sized enterprises in international trade in developing countries. Maxwell Opoku-Afari, first deputy governor of the Bank of Ghana, said: "Project Desft aims to support the participation of African SMEs in international trade by removing significant barriers that SMEs face in international trade, such as building trust with overseas trading partners and accessing cross-border transfer and supply chain finance support."