In a landmark endorsement, Ghana’s President, John Dramani Mahama, has highlighted the potential of Solana cryptocurrency to transform Africa’s fintech landscape.
Speaking at the African Fintech Summit in Accra over the weekend, President Mahama underscored the role of blockchain technology—particularly Solana’s low-cost, high-speed capabilities—in driving financial inclusion and innovation across the continent.
President Mahama’s endorsement coincided with the fifth anniversary of Solana’s mainnet launch on March 16, 2020. Over the past five years, Solana has grown into a major force within the decentralized finance (DeFi) sector, processing over 408 billion transactions and amassing nearly $1 trillion in cumulative trading volume.
Taking to his X account, Mahama emphasized the urgency of financial inclusion, stating, “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.”
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During his keynote speech, he reinforced this point, noting that more than 60% of Africa’s population remains unbanked.
He highlighted that blockchain technology, particularly platforms like Solana, offers a groundbreaking solution to bridge this gap. Traditional banking systems have struggled to reach millions, positioning DeFi as a viable alternative to redefine financial access in Africa.
Mahama’s endorsement comes at a time when African nations are increasingly embracing cryptocurrency. Countries like Nigeria, Kenya, and South Africa are at the forefront of crypto adoption, leveraging digital assets for remittances, peer-to-peer payments, and savings solutions.
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However, despite its growing adoption, the industry still faces hurdles, including regulatory uncertainty and market volatility.
“We must embrace blockchain technology, not fear it,” Mahama urged. “A well-regulated crypto ecosystem can unlock massive economic potential for Africa.” He called on governments to adopt balanced and forward-thinking regulations to foster growth while ensuring financial stability and security.
Beyond regulations, Mahama stressed the need for collaboration between public and private sectors to build blockchain-powered solutions that drive economic development.
He also emphasized the importance of investing in fintech startups, promoting digital literacy, and expanding blockchain education to ensure Africa remains competitive in the fast-evolving global digital economy.
Addressing environmental concerns surrounding blockchain technology, Mahama noted that newer networks like Solana are significantly more energy-efficient compared to older blockchains such as Bitcoin. This efficiency, he argued, makes Solana a more sustainable choice for Africa’s fintech expansion.
As Africa continues to integrate digital financial solutions, President Mahama’s support for Solana signals a major step toward leveraging blockchain for economic empowerment. With the right infrastructure, policies, and investments, Africa has the potential to emerge as a global leader in fintech innovation—one blockchain at a time.
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