Ga Chief Calls for The Adoption of Digital and cryptocurrency in Ghana
Nii Ayitey Anumle Oyanka, Chief of Oblieman in the Ga West Municipality of the Greater Accra Region who also doubles as President of Abola Piam Royal Council has called on the government of Ghana to as a matter of urgency roll out digital and crypto currency banking system in the country.
According to the royal, “the time of money changing is very near, Bank of Ghana must adopt digital and crypto banking systems and that is the most common way of transfer which the ‘Swift wire transfer’ has become odd and boring for investors”.
Nii Oyanka is an International Recruitment Consultant in Africa for Garvey Staffing Company based in USA and also Chief advisor for Civtek International for Africa has recommended that the Central Bank of Ghana prepare adequately for a major transition in the banking system by adopting the cryptocurrencies.
He explained that “retail-banking clients and institutional investors have over the years expressed interest in this financial vehicle and in the distributed-ledger technology (DLT) that underlies, particularly its innovations such as blockchain.
Speaking in an interview with thealhajj.com Nii Oyanka remarked that some investors like fintechs, and venture capital funds are beginning to make a sustained commitment to cryptocurrency, regarding it as the future of money.
“Banks can no longer afford to ignore this opportunity”, he added.
“The continuing momentum in cryptocurrency is clear from the face of investments by institutional investors, venture capital firms, and private equity funds. Invested capital per deal has risen from about $5 million in 2015 to almost $20 million during the first two quarters of 2020”, he stated.
Nii Oyanka noted that Banks have many possibilities and business use cases to choose from as they enter this market, involving the currencies themselves, the underlying distributed-ledger technologies (DLTs), or both.
He explained further that In the currency domain, they can help startup ventures bypass the ordinary capital markets through ICOs, where the coin offering becomes the primary vehicle for funding the new enterprise. Banks and investment firms can help customers invest directly in cryptocurrencies, steering them toward the relatively few offerings that are likely to succeed (by attracting enough customers to become hubs of activity).
For the sophisticated customers, he added that one option is tokenization investments, which are a cryptocurrency-based analog to securitization, bringing a variety of investments together in trenches.
For him, banks can also provide currency-trading services (for example, in bitcoins or digital euros if they are offered) and crypto-enabled digital payments and transactions.
These coin swaps according to the chief, can be offered through three types of exchanges; central-bank digital currencies (CBDCs) issued from national financial authorities, private blockchain-based currencies from a bank or company, and network-issued currencies, such as Bitcoin or Litecoin with a public blockchain.
Chief Oyanka maintained that the responsibilIties of a certain government does not lie on the president and his government alone for the betterment of the country but it also the responsibility of all Ghanaian citizens to help build this nation .
The Chief has expressed his readiness help any institution in Ghana ready to roll out crypto and digital banking systems with his team of professionals if government approves it.
As part of building the system, they will be giving free training programs for the people of Ghana.
He noted that aside investors, most of the companies involve in cryptocurrency business are young with not more than two or three years experience.
He said this would afford many participate in the digital ecosystems adding that “we are ready to help the government to make this happen”.