President John Dramani Mahama praises Solana as a catalyst for fintech advancement in Africa, emphasizing its low transaction costs and potential for enhancing financial inclusion. He advocates for further investments in digital infrastructure, aligning with ongoing efforts by Ghana’s central bank to regulate the cryptocurrency market and develop its central bank digital currency, the eCedi.
President John Dramani Mahama of Ghana has recognized Solana, a high-performance blockchain network, as pivotal for driving fintech growth and enhancing cryptocurrency adoption throughout Africa. In a recent announcement on social media, he underscored the necessity for financial inclusion across the continent, emphasizing Solana’s low transaction costs as a crucial factor enabling cryptocurrency payments and investments.
Mahama articulated, “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.” Solana distinguishes itself as a blockchain platform engineered for swift and scalable decentralized applications, offering lower fees and faster processing times compared to traditional blockchains like Bitcoin and Ethereum.
The innovative proof-of-history (PoH) consensus mechanism implemented by Solana allows for thousands of transactions per second, making it a compelling option for fintech solutions in Africa. This endorsement aligns with Mahama’s expansive vision for Africa’s digital transformation, highlighting how technological advancements can enable the continent to overcome conventional development challenges.
In a supporting video, he remarked, “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.”
Mahama urged for investments in internet expansion, digital infrastructure, fintech, and research and development to alleviate the digital divide and enhance Africa’s competitiveness. His remarks coincide with Ghana’s central bank’s efforts to regulate the cryptocurrency sector, having released draft regulations focused on establishing oversight of digital assets last August, which includes compliance measures and consumer protection protocols.
Furthermore, the Bank of Ghana is exploring the implementation of a central bank digital currency, named the eCedi, as part of its strategy to innovate digital finance, first announced in 2021. Despite these advancements, officials continue to caution against the inherent volatility of cryptocurrencies, advising investors to remain vigilant regarding potential price fluctuations. Mahama’s comments indicate a rising recognition of blockchain technology as a transformative force for economic evolution in Africa.
In summary, President Mahama’s endorsement of Solana highlights its potential role in enhancing financial inclusion and driving fintech growth across Africa. His vision encompasses the necessity for internet expansion and digital infrastructure investment as vital for the continent’s competitiveness. Coupled with ongoing regulatory efforts from Ghana’s central bank, this signals a significant shift towards embracing cryptocurrency and innovative technologies as instruments for economic advancement within Africa.
Original Source: www.graphic.com.gh
