16/03/2025
Ghana’s President, John Dramani Mahama, has highlights Solana, a high-performance blockchain network, as a potential catalyst for fintech growth and cryptocurrency adoption across Africa.
President Mahama in a recent social media post emphasized the need for financial inclusion across the African continent, underscoring Solana’s low transaction costs as a critical enabler for cryptocurrency payments and investments.
"Financial inclusion isn't just a necessity for Ghana—it’s crucial 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 said.
Solana is a blockchain platform designed to support fast and scalable decentralized applications. Solana offers rapid processing times and significantly reduced costs, making it an appealing option for financial services and digital payments, unlike traditional blockchains such as Bitcoin and Ethereum, which often grapple with high fees and sluggish transaction speeds,.
Solana’s unique proof-of-history (PoH) consensus mechanism allows it to process thousands of transactions per second, positioning it as a viable solution for Africa’s fintech expansion.
President Mahama’s endorsement is in correlation with his broader vision of leveraging technology to drive Africa’s digital transformation.
Moreover, he emphasized how digital advancements could help Africa avoid conventional development barriers. "The Fourth Industrial Revolution presents a golden opportunity for Africa to leapfrog traditional 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 all our people," Mahama asserted.
He further called for strategic investments in internet expansion, digital infrastructure, fintech, and research and development to bridge the digital divide and enhance Africa’s global competitiveness.