David Edwards
John Dramani Mahama, the former president of Ghana, has emphasized Solana’s blockchain as a major force behind the fintech industry’s expansion in Africa, pointing to its low transaction costs and great efficiency as game-changing for the adoption of cryptocurrencies and financial inclusion.
Mahama highlighted the potential of blockchain to transform Africa’s financial systems in a recent post on X, formerly Twitter. He commended Solana for its capacity to enable inexpensive bitcoin transactions, creating new financial prospects outside of the realm of traditional banking.
“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.”
March 15, 2025, John Dramani Mahama (@JDMahama)
With the ability to handle thousands of transactions per second thanks to its proof-of-history (PoH) method, Solana is positioned as a more affordable option than Ethereum and Bitcoin. Mahama claims that this technological efficiency might hasten the adoption of blockchain in Africa by enabling individuals and businesses to access reasonably priced digital transaction solutions.
Blockchain as an Economic Development Catalyst
Mahama emphasized the Fourth Industrial Revolution’s importance in overcoming conventional economic hurdles while speaking at a recent gathering. He underlined the importance of blockchain for:
- Financial inclusion: giving marginalized groups access to banking.
- Efficiency in public service: enhancing government functions.
- Business innovation: supporting digital solutions and fintech startups.
In order to close the digital divide in the area, Mahama also urged stakeholders to concentrate on blockchain development, fintech companies, and internet connectivity when advocating for investment in Africa’s digital infrastructure.
The Central Bank of Ghana Is Creating Crypto Regulations
The Bank of Ghana (BoG) is attempting to regulate the bitcoin industry, while Mahama advocates for the implementation of blockchain technology. The central bank unveiled draft rules for Virtual Asset Service Providers (VASPs) in August 2024. These guidelines addressed consumer protection frameworks, anti-money laundering (AML) regulations, and licensing criteria.
Ghana is also still working on the eCedi project, which is a central bank digital currency (CBDC) that was introduced in 2021. Like Nigeria’s eNaira, the eCedi seeks to incorporate blockchain technology and digital finance into the country’s economy while guaranteeing a safe regulatory framework for digital assets and cryptocurrency.
