Ghana is commonly in the top 10 countries to run Google searches about cryptocurrency, according to The State of Crypto in Africa. This makes it clear that consumers have an organic and growing interest in cryptocurrency and its applications.
As such, Ghanaian businesses should adapt and meet the demand of their market. To do that, business owners should understand how blockchain and cryptocurrency can benefit their enterprises. So what benefits exist for Blockchain and Cryptocurrency technology in Ghana?
Central Bank Of Ghana To Prioritize Projects With Blockchain
The central bank of Ghana sent out a press statement saying that they will give preference to projects that make use of blockchain technology. This is big news considering that there has been a recent crackdown on certain cryptocurrencies in other parts of Africa. The goal is the financial inclusion of businesses alongside the unbanked and the underserved.
The central bank went on to say that they will be publishing the detailed requirements for interested participants soon. Businesses looking for a financial boost would do well to take advantage of the central bank’s preference and support of blockchain applications. It is clear that the central bank is aiming to target and stimulate more growth in local crypto innovators.
Easier Facilitation Of Digital Payments
Ghana presently has around 19 million adult consumers, who, between them, have 14.5 million active mobile money accounts, according to the Bank of Ghana. This means that there is the long-term viability of digital finance for the country, and blockchain applications can help businesses facilitate digital payments better. For example, social media giant, Facebook, is already using blockchain for digital payments. Other brands have even started to apply trading bots to make the transaction smoother. Through trading bots and other software, it is clear that having such protocols applied to business processes enables the easier consumption and trade of cryptocurrency.
Having blockchain in place can also make it easier to do exchanges with other blockchain platforms, so businesses can have a competitive edge over companies that have not adapted to facilitate digital currencies. A business that can facilitate digital payments can also entertain non-local clients, and can effectively grow its brand’s reach.
Savings And Reduced Fees
There are clear savings to be enjoyed with the adoption of blockchain. Over 91% of banks around the world have started using blockchain solutions, according to IBM. This is because it makes transactions secure and more efficient. Financial data can be accessed from multiple points without needing more staff to access the information. This reduces the need to hire more staff and put more funds into training them. Instead, businesses can put their funding towards upgrading their systems to better address the digital needs of their consumers.
Another benefit that blockchain brings is that businesses can also adopt better payroll practices through cryptocurrency — especially if a business has international employees.
It is clear that blockchain and cryptocurrency will continue to have a significant impact on consumer behaviour and preferences in the years to come.
This is why Ghanaian businesses should adapt to the trends and ensure that their enterprise is equipped to run with demand. Not only will this enable them to have a competitive edge, but it will give them a wealth of other benefits as well.
