President John Mahama of Ghana on Saturday identified Solana, a high-performance blockchain network, as a potential game-changer for fintech growth and cryptocurrency adoption across Africa.
In a post on his official X handle, Mahama emphasised the importance of financial inclusion and how Solana’s low transaction costs could revolutionise the continent’s digital economy.
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Solana’s role in Africa’s financial inclusion
President Mahama stated, “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 and investments across the continent.”
He pointed out that traditional banking systems have failed to reach millions of Africans, making decentralised finance (DeFi) a viable alternative. Solana’s blockchain, known for its speed and scalability, processes thousands of transactions per second at a fraction of the cost of traditional systems, making it an attractive option for African entrepreneurs and small businesses.
Mahama further noted how blockchain technology could help Africa bypass traditional development hurdles. “The Fourth Industrial Revolution presents a golden opportunity for Africa to leapfrog traditional development models.
Digital transformation can drive financial inclusion, improve public service delivery, and create new opportunities for all our people,” he said. He called for investments in internet expansion, digital infrastructure, and fintech to bridge the digital divide and make Africa more competitive globally.
More on regulation and the future of cryptocurrency in Africa
The 9th president’s remarks come as Ghana’s central bank, the Bank of Ghana (BoG), works to regulate the country’s cryptocurrency market. In August 2024, the BoG issued draft regulations to formalise oversight for digital assets, including registration requirements for Virtual Asset Service Providers (VASPs) and anti-money laundering measures.
Additionally, the BoG is pursuing its own central bank digital currency, the eCedi, as part of the country’s push for digital finance innovation.
While acknowledging cryptocurrencies’ potential, Mahama cautioned against their volatility, urging investors to be mindful of sharp price fluctuations. He also called for progressive regulations that balance innovation with consumer protection.
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A vision for Africa’s digital revolution
The head of government endorsement of Solana aligns with his broader vision for Africa’s digital transformation. By leveraging blockchain technology, he believes the continent can redefine financial access and create a more inclusive digital economy.
As the continent continues to embrace cryptocurrencies, his call for collaboration and policy reform could pave the way for a brighter financial future.