Ghanaian President Backs Solana for Fintech Growth in Africa
- Ghanaian President John Mahama sees Solana as a driver of fintech progress in Africa, citing its low transaction prices and effectivity.
- The Financial institution of Ghana is getting ready laws for the cryptocurrency sector, together with licensing guidelines for Digital Asset Service Suppliers.
- Ghana is advancing its eCedi challenge, a part of a broader effort to combine digital finance and blockchain know-how into the financial system.
Ghanaian President John Dramani Mahama has emphasised the importance of Solana in advancing fintech throughout Africa. He believes the blockchain community provides an answer to excessive transaction prices, making it a viable instrument for monetary inclusion and cryptocurrency adoption.
The previous president of Ghana shared his ideas by X social media about how blockchain know-how will reshape African monetary programs. The cheap transaction options from the Solana community would facilitate easy cryptocurrency funds alongside monetary investments which might unlock providers for individuals past conventional monetary sectors.
Monetary inclusion is not only a want for Ghana—it is important for all of Africa. With its low transaction prices, #Solana may very well be the important thing to driving fintech progress and enabling cryptocurrency funds & investments throughout the continent.
Keep tuned for extra particulars quickly. pic.twitter.com/URgOiDpCNP
— John Dramani Mahama (@JDMahama) March 15, 2025
Solana supplies an efficient answer to Bitcoin and Ethereum as a result of it provides quicker transaction processing with diminished community charges. Mahama confirmed that the effectivity of Solana know-how permits companies and people to realize inexpensive digital transaction options.
Blockchain as a Software for Financial Development
Throughout his presentation Mahama mentioned African digital developments whereas emphasizing that the Fourth Industrial Revolution supplies a path to keep away from typical improvement restrictions. Blockchain know-how results in monetary inclusivity whereas enhancing public service operations and creating new enterprise prospects all through Africa, in line with him.
As Mahama defined in the course of the occasion, he recommended Solana for implementing proof-of-history (PoH) which permits the community to deal with hundreds of transactions each second. The innovation supplies Solana with robust aggressive benefits for African fintech functions that ship higher integration and monetary alternatives.
Solana’s proof-of-history mechanism of reliability obtained reward from Mahama alongside his request for digital infrastructure funding.
Whereas giving his endorsement for Solana Mahama requested further investments which ought to give attention to web connectivity alongside improvement of fintech startups and digital infrastructure. Africa can use blockchain know-how to beat digital inequality whereas creating revolutionary options.
Financial institution of Ghana Strikes to Regulate Crypto Trade
The Financial institution of Ghana is working to manage cryptocurrency whereas Mahama voices his opinion in regards to the matter. Throughout August 2024 the central financial institution initiated draft instructive paperwork that guided Digital Asset Service Suppliers (VASPs) by licensing procedures and AML insurance policies whereas defending shopper rights.
The central financial institution of Ghana works on implementing its eCedi challenge which represents a central financial institution digital foreign money (CBDC). This initiative emerged in 2021 as a part of African initiatives which embody Nigeria’s eNaira challenge. The authorities keep their give attention to regulatory frameworks as a result of they defend buyers from market unpredictability.
