Ghana’s President, John Dramani Mahama, has highlighted Solana, a high-performance blockchain network, as a transformative tool for driving fintech growth and advancing cryptocurrency adoption across Africa. In a recent social media post, Mahama emphasized the critical need for financial inclusion on the continent and identified Solana’s low transaction costs as a key factor that could facilitate cryptocurrency payments and investments.
“Financial inclusion isn’t just a need for Ghana—it’s essential for all of Africa. With its low transaction costs, #Solana could be the key to driving fintech growth and enabling cryptocurrency payments & investments across the continent,” Mahama stated.
Solana is a blockchain platform designed for decentralized applications, offering significantly faster transaction speeds and lower fees compared to traditional blockchains like Bitcoin and Ethereum. This makes it an appealing option for financial services, especially in regions where transaction costs can be prohibitive. The network’s innovative proof-of-history (PoH) consensus mechanism enables thousands of transactions per second, positioning Solana as a potential solution for Africa's growing fintech sector.
Mahama’s endorsement of Solana reflects his broader vision for Africa’s digital revolution. In an accompanying video, he underscored the potential of technology to help the continent bypass traditional development challenges. “The Fourth Industrial Revolution presents a golden opportunity for Africa to leapfrog traditional development models. We don’t need to go back to inventing the wheel. Digital transformation can drive financial inclusion, improve public service delivery, and create new opportunities for all our people,” he stated.
The president also called for increased investment in digital infrastructure, internet expansion, fintech innovation, and research and development to close the digital divide and bolster Africa’s competitiveness on the global stage.
Mahama’s remarks come as Ghana’s central bank is making strides toward regulating the nation’s cryptocurrency market. In August 2024, the Bank of Ghana (BoG) introduced draft regulations aimed at formalizing the oversight of digital assets. These proposed regulations would require Virtual Asset Service Providers (VASPs) to register, adhere to anti-money laundering compliance, and implement stronger internal controls to protect consumers.
The BoG is also working on its own central bank digital currency, the eCedi, which was first announced in 2021 as part of Ghana’s push to innovate within digital finance. However, authorities continue to caution investors about the volatility of cryptocurrencies and encourage caution when engaging in digital asset investments.
Mahama’s support for blockchain technology, particularly Solana, signals an increasing recognition of its potential to catalyze economic transformation across Africa.
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Source; theghanareport
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