YAFO Institute urges Government to Embrace and Regulate Blockchain Technology in Ghana

President of YAFO Institute, a think tank with focus on Civil Liberty, free Enterprise Research and Prosperity, Nathaniel Dwamena, has proposed to the government to embrace blockchain technology and smart contract to reduce corruption and “gorro” boys in the delivery of government’s goods and services. Dwamena made the call on the sidelines of a policy dialogue under theme: Unlocking economic growth in Ghana through FinTech and Blockchain innovations for free trade in Accra.

The participants discussed the potential of digital technology for boosting Africa’s trade and economy. It also came to light that though Africa has adopted the Africa Continental Free Trade Area (AfCFTA), it is not trading among its member countries enough compared to trading with Asian and European countries.

On his part, President of YAFO Institute, Nathaniel Dwamena insists that blockchain is not Bitcoin, and that blockchain is a decentralized, distributed ledger that records the provenance of a digital asset. He further explained that smart contract which is a self-executing program that automates steps necessary to fulfil terms of a contract and Blockchain technology, have become significant innovations in the fourth industrial revolution which must be accepted by all.

Mr. Dwamena charged the government to adopt these technologies and formulate a regulatory framework around them to allow the Ghanaian citizenry to be innovative.

“For now, where we’ve gotten to, fourteen years since the launch of blockchain, a lot of people are adopting it. With the internet, some people said before that it wasn’t good, but today, everybody is on it. It is the same with blockchain, government must see the need to find ways to adopt regulations and draw the industry closer. We can do a lot with smart contract and blockchain and these can help reduce corruption in our system,” he emphasized

Chairperson of the event, Prof. Enock Opoku Antwi, reiterated the need for African countries to remove all hurdles that distract intra-continent trade among members countries. He also explained that blockchain technology is supposed to eliminate middlemen as the menace of “gorro boys” continues to grow in the Ghanaian system. According to Prof. Opoku Antwi, blockchain technology can eliminate middlemen like “gorro boys” and ensure free and fair elections in Ghana..

“We can use blockchain technology for our elections. During the last elections, we lost about eight lives. Blockchain can reduce violence in African elections and that Ghana must blend blockchain technology, artificial intelligence and financial technology thus the way to go and policy makers must embrace it,” he noted.

A trader and AfCFTA advisor, Peter Adetor, opined that AfCFTA is meant to enhance how trade is done on the continent and that technology must be employed to make this goal easier. Using these technologies, businesses can expand to other African countries and make more money without additional expenses.

Adetor further called for more education on the AfCFTA agreement so businesses in Ghana can take advantage.

By Derick Botsyoe