Although not recognized as a legal form of money, cryptocurrency is growing in popularity in Ghana. The advantages that cryptocurrency provides in facilitating convenience and creativity are also being realized by many individuals and businesses nationwide.
The country’s willingness to embrace the global financial revolution is evident in the shops that accept Bitcoin, the service providers that enable cryptocurrency transactions, and the widespread interest in blockchain technology. However, there remains unrealized potential that might be unlocked through cryptocurrency becoming embedded in the everyday financial systems people use.
For example, imagine a scenario whereby Ghanaian banks hold Bitcoin in trust and offer services similar to mobile money. Once this interface goes live, Ghanaians will be able to instantly transfer, receive, and withdraw cryptocurrencies at local service providers. Making crypto transactions as easy as possible utilising current infrastructures can be a game changer.
This removes logistical hurdles, paving the way for more widespread use of the cryptocurrency by enabling the withdrawal of fiat money at the service agent or seller. This method can help in avoiding many of the challenges that come with traditional banking. Some of these challenges are long queue times, excessive charges, and limited coverage in rural areas.
Lastly, to facilitate the general adoption of cryptocurrency, the withdrawal process needs to be simple and widely available. Ghana could position itself as a leader in Africa’s crypto economy by allowing users to exchange their digital assets for cash on demand. This change, which would link the digital innovation we see with real-world conveniences, would allow users to perform transactions anywhere and anytime.
Widespread adoption by banks and merchants would not only make life easier for Ghanaians but would also serve as a model for the rest of Africa, demonstrating to the continent that decentralised finance has a role to play alongside traditional finance in empowering people and stimulating progress.
It is time to act now. The way forward to attaining our level of financial independence that takes steps towards a better economic future may lie in natively integrating bitcoin in day-to-day transactions to ensure its accessibility.
