Ghana’s president supports Solana for the growth of fintech in Africa

• Ghanaian President John Mahama has said Solana is considered a driver of fintech growth in Africa, and it has 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 moving forward with the ECEDI project, part of a broader effort to integrate digital finance and blockchain technology into the economy.

Ghanaian President John Dramani Mahama emphasizes the importance of Solana in moving forward with fintech across Africa. He believes that blockchain networks provide solutions for high transaction costs and have become viable tools for financial inclusion and the adoption of cryptocurrency.

The former Ghanaian president shared his thoughts through X social media on how blockchain technology will reshape the financial system in Africa. The inexpensive transaction capabilities from the Solana network facilitate simple cryptocurrency payments, along with financial investments that unlock services for people beyond the traditional financial sector.

Solana offers effective solutions for Bitcoin and Ethereum as it offers faster transaction processing with reduced network charges. Mahama has confirmed that the efficiency of Solana technology will enable businesses and individuals to achieve affordable digital transaction solutions.

Blockchain as a tool for economic growth

During his presentation, Mahama discussed digital development in Africa, emphasizing that the Fourth Industrial Revolution provides a pathway to avoid typical development restrictions. He said blockchain technology will strengthen public service operations and promote new business outlook across Africa while also leading to economic inclusiveness.

As Mahama explained at the event, he praised Solana for implementing Proof of History (POH). This innovation offers Solana a powerful competitive advantage for African fintech applications that provide better integration and economic opportunities.

Solana’s proof of reliability mechanism has been praised by Mahama along with demand for digital infrastructure investment.

While giving his approval for Solana Mahama, he called for additional investments focused on internet connectivity, along with the development of Fintech’s startup and digital infrastructure. Africa can use blockchain technology to overcome digital inequality while creating innovative solutions.

Bank of Ghana moves to regulate the crypto industry

The Bank of Ghana is working to regulate cryptocurrency, but Mahama has expressed his opinion on the issue. In August 2024, the central bank began drafting useful documents that guided virtual asset service providers (VASPs) through licensing procedures and AML policies, while protecting consumer rights.

The Central Bank of Ghana is working on implementing the ECEDI project, which represents the Central Bank’s Digital Currency (CBDC). The initiative appeared in 2021 as part of an African initiative, including the Nigerian Enaila Project. Authorities focus on regulatory frameworks to protect investors from unpredictability in the market.