Stakeholders within Ghana’s Fintech industry say time is running out for the country to put in place measures to take full advantage of Blockchain technology.
Blockchain which allows for the creation of digital public ledgers on which transactions can be permanently stored and verified, is yet to see mainstream application in Ghana.
But speakers at the 23rd edition of the MTN Business World Executive Breakfast meeting, bemoaned the seeming lack of regulation and capacity building for Blockchain and called on the business community to factor the technology into their long-term plans.
Speaking at the meeting, the General Manager for Mobile Financial Services (MFS), at MTN Ghana, Eli Hini observed that it is time for a national dialogue on the issue.
“The subject of blockchain and cryptocurrency keeps coming up, and you get the sense that till now as a country we’ve not decided on what to do. I agree there are issues of governance, oversight and regulations, but if we don’t begin to understand these issues now, we would be found wanting when the phenomena overwhelm us,” he said.
Mr. Hini stated that people in Ghana were already using blockchain and using cryptocurrency, hence the need to increase the speed at which individuals are trained appropriately in the field.
“It’s important we begin to understand and shape regulations around blockchain and cryptocurrency. We especially need to get our lawyers to understand the world of blockchain to be able to craft the best regulations for the technology and its applications.”
Lawyer and Block Chain expert Kobina Hughes called for urgent action on the part of government to enable Ghana compete favorably when it comes to blockchain technology.
“I’m suggesting that as a nation, we need to wake up, decide what we want from blockchain and then move on from there. For government in particular I’m suggesting that we look at how we can use blockchain to boost our collection levels. For businesses in Ghana we need to identify what the key barriers and obstacles are and decide whether or not blockchain can help us with some of these.”
The breakfast session also had as its third panelist Prof Nii Quaynor- Chairman, Ghana DOT COM, an internet pioneer and chairman of the company that introduced the first crypto coins in Africa.
The 23rd edition of the MTN Business World Executive Breakfast meeting was on the theme “Blockchain Technology- A Force for Business Growth In Ghana”.
–
By: Bobbie Osei/citibusinessnews.com/Ghana