- Ghanaian President John Mahama sees Solana as a motorcycle for fintech growth in Africa, with reference to low transaction costs and efficiency.
- The Bank of Ghana prepares the regulations for the cryptocurrency sector, including license rules for virtual asseters.
- Ghana promotes its Ecedi project, part of a broader effort to integrate digital finances and blockchain technology into the economy.
Ghanaian President John Dramani Mahama has emphasized the significance of Solana in promoting fintech in Africa. He believes that the blockchain network offers a solution for high transaction costs, making it a feasible tool for financial inclusion and acceptance of cryptocurrency.
The former president of Ghana shared his thoughts through X Social Media about how Blockchain technology will reform African financial systems. The cheap transaction functions of the Solana network would facilitate difficult cryptocurrency payments in addition to financial investments that would unlock services for people outside the traditional financial sectors.
Financial inclusion is not only a need for Ghana – it is essential for all of Africa. With its low transaction costs, #solana can be the key to stimulating fintech growth and making cryptocurrency payments and investments on the continent possible.
Stay informed soon for more information. pic.twitter.com/urgoidpcnp
– John Dramani Mahama (@jdmahama) March 15, 2025
Solana offers an effective solution for Bitcoin and Ethereum because it offers faster transaction processing with lower network costs. Mahama confirmed that the efficiency of Solana technology enables companies and individuals to achieve affordable solutions for digital transactions.
Blockchain as a tool for economic growth
During his presentation, Mahama discussed African digital developments and emphasized that the fourth industrial revolution offers a path to prevent typical development restrictions. Blockchain technology leads to financial inclusiveness, while public services are being improved and the creation of new business prospects throughout Africa, according to him.
As Mahama explained during the event, he praised Solana for the implementation of Proof-of-History (POH) so that the network can handle thousands of transactions every second. The innovation offers Solana strong competitive benefits for African fintech applications that offer better integration and financial opportunities.
Solana’s proof-of-history mechanism of reliability received praise from Mahama in addition to his request for investments in digital infrastructure.
While he gave his approval for Solana Mahama, Mahama asked for additional investments that should concentrate on internet connectivity in addition to the development of fintech startups and digital infrastructure. Africa can use blockchain technology to overcome digital inequality and at the same time create innovative solutions.
Bank of Ghana is going to regulate the crypto industry
The Bank of Ghana is working on regulating cryptocurrency, while Mahama speaks his opinion about the issue. In August 2024, the Central Bank initiated instructive documents that supervised virtual assiders (VASPs) through license procedures and AML policy and at the same time protect consumer rights.
The Central Bank of Ghana is working on the implementation of its ECEDi project that represents a Central Bank Digital Currency (CBDC). This initiative was created in 2021 as part of African initiatives, including the Nigeria’s Enaira project. The authorities keep their focus on legal frameworks because they protect investors against the market unpredictability.
