Ghana’s Fintech Future Driven by Solana

Ghanaian President John Mahama sees Solana as a driver of fintech growth in Africa due to its low transaction costs and efficiency.

The Bank of Ghana is preparing regulations for the cryptocurrency sector, including licensing rules for Virtual Asset Service Providers (VASPs). Ghana is advancing its eCedi project, part of a broader effort to integrate digital finance and blockchain technology into the economy.

Significance of Solana

Ghanaian President John Dramani Mahama emphasizes the importance of Solana in advancing fintech across Africa. He believes that the blockchain network addresses high transaction costs, making it an effective tool for financial inclusion and cryptocurrency adoption. The former president shared his thoughts on X, highlighting how blockchain technology can reshape African financial systems. The low transaction fees from Solana could facilitate easier cryptocurrency payments and investments, unlocking services for individuals outside traditional financial systems.

> “Financial inclusion isn’t just a need for Ghana—it’s essential for all of Africa. With its low transaction costs, #Solana could be crucial to driving fintech growth and enabling cryptocurrency payments & investments across the continent.”
> — John Dramani Mahama (@JDMahama) March 15, 2025

Efficiency of Solana

Solana offers faster transaction processing and lower fees compared to Bitcoin and Ethereum. Mahama confirmed that this efficiency allows businesses and individuals to achieve affordable digital transaction solutions.

Blockchain as a Tool for Economic Growth

In his presentation, Mahama discussed the significance of the Fourth Industrial Revolution for African digital developments, stating that blockchain technology contributes to financial inclusivity while enhancing public services and creating new business opportunities across the continent. He praised Solana’s implementation of proof-of-history (PoH), enabling the network to handle thousands of transactions per second, giving it a competitive edge in African fintech applications.

Mahama called for investments in digital infrastructure to support these advancements, asserting that Africa can leverage blockchain technology to lessen digital inequality and foster innovation.

Bank of Ghana’s Regulatory Efforts

The Bank of Ghana is moving to regulate cryptocurrency as Mahama expresses his views on the issue. In August 2024, the central bank drafted documents to guide VASPs in licensing and AML policies to protect consumer rights. The central bank is also focused on implementing its eCedi project as a central bank digital currency (CBDC), initiated in 2021 as part of broader African initiatives like Nigeria’s eNaira. Regulatory frameworks are crucial to protecting investors from market unpredictability.