- Ghanaian President John Mahama sees Solana as a driver of fintech growth in Africa, citing its low transaction costs and efficiency.
- The Bank of Ghana is preparing regulations for the cryptocurrency sector, including licensing rules for Virtual Asset Service Providers.
- Ghana is advancing its eCedi project, part of a broader effort to integrate digital finance and blockchain technology into the economy.
Ghanaian President John Dramani Mahama has emphasized the significance of Solana in advancing fintech across Africa. He believes the blockchain network offers a solution to high transaction costs, making it a viable tool for financial inclusion and cryptocurrency adoption.
The former president of Ghana shared his thoughts through X social media about how blockchain technology will reshape African financial systems. The inexpensive transaction features from the Solana network would facilitate effortless cryptocurrency payments alongside financial investments which would unlock services for people beyond traditional financial sectors.
Solana provides an effective solution to Bitcoin and Ethereum because it offers faster transaction processing with reduced network fees. Mahama confirmed that the efficiency of Solana technology allows businesses and individuals to attain affordable digital transaction solutions.
Blockchain as a Tool for Economic Growth
During his presentation Mahama discussed African digital developments while emphasizing that the Fourth Industrial Revolution provides a path to avoid typical development restrictions. Blockchain technology leads to financial inclusivity while enhancing public service operations and creating new business prospects throughout Africa, according to him.
As Mahama explained during the event, he commended Solana for implementing proof-of-history (PoH) which enables the network to handle thousands of transactions every second. The innovation provides Solana with strong competitive advantages for African fintech applications that deliver better integration and financial opportunities.
Solana’s proof-of-history mechanism of reliability received praise from Mahama alongside his request for digital infrastructure investment.
While giving his endorsement for Solana Mahama requested additional investments which should focus on internet connectivity alongside development of fintech startups and digital infrastructure. Africa can use blockchain technology to overcome digital inequality while creating innovative solutions.
Bank of Ghana Moves to Regulate Crypto Industry
The Bank of Ghana is working to regulate cryptocurrency while Mahama voices his opinion about the matter. During August 2024 the central bank initiated draft instructive documents that guided Virtual Asset Service Providers (VASPs) through licensing procedures and AML policies while protecting consumer rights.
The central bank of Ghana works on implementing its eCedi project which represents a central bank digital currency (CBDC). This initiative emerged in 2021 as part of African initiatives which include Nigeria’s eNaira project. The authorities maintain their focus on regulatory frameworks because they protect investors from market unpredictability.
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