President John Dramani Mahama, has highlighted Solana, a high-performance blockchain network, as a key driver for fintech expansion and cryptocurrency adoption across Africa.
In a recent post on X, Mahama emphasised the importance of financial inclusion on the continent and pointed to Solana’s low transaction costs as a major enabler of digital payments and investments.
“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 is a blockchain platform designed for high-speed, scalable decentralized applications. Unlike traditional blockchains such as Bitcoin and Ethereum, which often face high fees and slower transaction speeds, Solana’s proof-of-history (PoH) consensus mechanism enables thousands of transactions per second at significantly lower costs, making it an attractive solution for financial services in Africa.
Mahama’s endorsement aligns with his broader vision for Africa’s digital transformation. In an accompanying video, he underscored the potential of technology to help the continent leapfrog traditional development challenges.
“The Fourth Industrial Revolution presents a golden opportunity for Africa to bypass conventional development models. We don’t need to reinvent the wheel. Digital transformation can drive financial inclusion, enhance public service delivery, and create new opportunities for our people,” he noted.
He further called for increased investment in internet infrastructure, digital finance, fintech innovation, and research and development to bridge the digital divide and enhance Africa’s global competitiveness.
Mahama’s comments come as Ghana’s central bank works to regulate the country’s cryptocurrency market. In August last year, the Bank of Ghana (BoG) released draft regulations aimed at formalizing oversight of digital assets, including registration requirements for Virtual Asset Service Providers (VASPs), anti-money laundering compliance, and consumer protection measures. The BoG is also advancing its central bank digital currency, the eCedi, introduced in 2021 as part of Ghana’s digital finance strategy.
Despite growing interest in cryptocurrencies, authorities continue to caution against their volatility, urging investors to remain mindful of price fluctuations.
Mahama’s remarks signal an increasing recognition of blockchain technology as a transformative tool for Africa’s financial and economic landscape.
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.
Stay tuned for more details soon. pic.twitter.com/URgOiDpCNP
— John Dramani Mahama (@JDMahama) March 15, 2025
