In a significant development, President John Dramani Mahama has identified Solana, a high-performance blockchain network, as a key driver for fintech growth and cryptocurrency adoption across Africa.
This endorsement comes at a time when Ghana’s central bank is working to regulate the country’s cryptocurrency market.
President Mahama took to social media to stress the importance of financial inclusion across the continent, highlighting Solana’s low transaction costs as a major advantage.
“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,” he stated.
Solana, a blockchain platform designed for fast and scalable decentralized applications, offers lightning-fast processing times and significantly lower costs compared to traditional blockchains like Bitcoin and Ethereum.
This makes it an attractive option for financial services and payments in Africa.
President Mahama’s endorsement of Solana aligns with his broader vision for Africa’s digital revolution.
In an accompanying video, he emphasized how technology can help Africa bypass traditional development hurdles.
“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,” he said.
The President’s comments come as Ghana’s central bank is working to regulate the country’s cryptocurrency market.
In August last year, the Bank of Ghana issued draft regulations aimed at formalizing oversight for digital assets. These proposed guidelines include registration requirements for Virtual Asset Service Providers, anti-money laundering compliance measures, and stronger internal controls for consumer protection.
Additionally, the Bank of Ghana is pursuing its own central bank digital currency, the eCedi, which was first announced in 2021 as part of Ghana’s digital finance innovation push.
Authorities, however, continue to caution against the volatility of cryptocurrencies, urging investors to be mindful of sharp price fluctuations.
-BY Issah Olegor
