Author: Mfidie News

In her address at the two-day Ghana Canadian Diaspora Investment Summit in Toronto, Canada, the Minister of Communications and Digitalisation, Madam Ursula Owusu-Ekuful, mentioned that cryptocurrency is becoming the order of the day and advised the Ghanaian economy to find ways of benefitting from it.

The theme for the summit, “Grow in Ghana, grow with Ghana”, was organized by the Ghana Investment Promotion Centre (GIPC) in order to discuss with Ghanaians in the Diaspora long-term investments and partnerships for Ghana’s Development.

In June 2018, the Bank of Ghana declared cryptocurrency illegal in Ghana and issued a warning to all financial institutions not to trade crypto. The warning was also directed to all crypto platforms.

Since then, the Central Bank has always been going after crypto platforms and cautions the general public against these platforms.

BoG has been looking at a more trusted and stable central bank digital currency (CBDC), eCedi, which will be backed by the Ghanaian Cedi, and the central bank online the cryptocurrency that has no backing.

The Minister lauded BoG for pushing its own eCedi but reiterated that the government should take a look at the ban on cryptocurrency because it gaining legitimacy in other parts of the world.

The Minister compared crypto today to VoIP (voice over internet protocol) like WhatsApp call, Facebook call, Telegram call, and others in the past, saying that VoIP used to be illegal, and several steps were taken to clamp down on operators that allowed it then, but today it is the norm.

“In the same vein, cryptocurrencies that are now illegal may very well become the norm many years down the line,” she said.

This statement from the minister backs what the Chairman of Ghana.com, Professor Nii Narku Quaynor said a while back. Prof also said Ghanaians are delaying and sleeping on cryptocurrency as they did before when he introduced the internet to Ghana.

According to Dr. Quaynor, he had plans for Ghana to be the internet access hub for the continent for which he pleaded for regulations from the regulators but stakeholders watched for foreigners to take over before regulations were designed for him.

Dr. Quaynor, therefore, called on the Bank of Ghana to stop restricting financial sector operators from transacting in crypto and rather use regulatory innovation to position Ghana to benefit fully from the global blockchain revolution and its attendant technologies like crypto, DeFi (decentralized finance), NFTs (non-fungible token) and others.

Growing Fin-Tech brand, Zeepay, is the official fintech partner to the Ghana Football Association (GFA) after a GH¢500,000 deal was signed by both partners.

Mr. Kurt Simeon-Okraku, the president of GFA, expressed his excitement about their one-year deal with Zeepay and hoped for an everlasting partnership beyond one year.

“We qualified for the Mundial on the 29th of March and that would mark our fourth appearance at the World Cup and ever since it’s been quite interesting and exciting.

“We are super happy that today we have a new partner in Zeepay. Indeed, this relationship is for an initial one-year period and it’s our hope that it will be a marriage that would last forever,” Mr. Simeon-Okraku said.

For their partnership to extend beyond the current one-year deal, Simeon-Okraku said this can happen if both parties keep to their side of the bargain and said the GFA would not compromise on their side.

“But we also know that that can only happen if both parties behave very well. It is our vowed commitment to behave extremely well and what that means is that we expect the same from Zeepay.

“But we believe this will be a relationship that will be mutually beneficial. It will offer opportunities to boys and girls who would not normally be found in the woods of Ghana because that is what football is about. Football offered hopes for kids who would not normally have a livelihood,” the FA boss stated.

From September 27-28, 2022, the West African edition of the Africa Money and DeFi Summit will be held at the Movenpick Hotel in Accra. This summit is a stakeholders meeting that will be networking digital finances and ventures, crypto platforms, and fintech investors that are increasingly growing with the birth of decentralized finance (DeFi).

The leading business summit will connect over 400 delegates, 150 companies, and over 50 speakers covering topics via panel sessions, keynotes and fireside chats, plus multiple networking events, masterclass sessions, and a sold-out exhibition.

Over 400 delegates, 150 companies, and 50 speakers will be in attendance with topics to be discussed via panel sessions, keynotes and fireside chats, networking events, masterclass sessions, and exhibitions that are perceived to get high patronage.

The Founder of Africa Tech Summit, Mr. Andrew Fassnide, said “We are delighted to be hosting the West African edition of Africa Money & DeFi Summit in Accra, showcasing fintech leaders, crypto innovators, new rising ventures, and investment opportunities across the region. The growth of crypto across Africa continues and a new wave of DeFi is growing, so it’s exciting times in the digital finance space for driving business and investment forward.”

The Africa Money and DeFi Summit is being supported by Polygon, QoreID, Deimos, Zeepay, Celo Foundation, The HBAR Foundation, VeendHQ, Workpay, AWS, WiPay, Cellulant, Binance, YellowCard, Autochek, YouVerify, Fonbnk, Seamfix, Jelurida Africa, Niji Oni & Co, Affinity, Aza Finance, Flutterwave, International Trade Centre, Paystack, Pennee, DataMynt, Bitmama, Africa BIoT Labs, Bitpowr, WeWire Africa, Dukka, Crunch Network, Stakefair, Amalga Securities & FEZ Delivery.

With the widespread popularity of FinTech, Crypto, and Decentralized Finance (DeFi) across the continent, opportunities and way the way forward for sustainability of these new developments will be under review.

Results from a similar summit in Nairobi early this year, the DeFi summit also promises to make a positive impact in the digital space.

The Driver and Vehicle Licensing Authority (DVLA), Public Services Commission (PSC), and the Ministry of Local Government, Decentralisation and Rural Development have been the beneficiaries of modern Information and Communication Technology (ICT) equipment worth GHC 8.9 million.

The DVLA received a Desktop Card Printer, Card Print Device, signature pads, fingerprint readers, and cleaning swab kits, all valued at GHC8,312,121 while the PSC received video conferencing equipment, 75’ smart television, laptops, color printers, digital camera, server wracks, among other items valued at GHC552,635. 

The Ministry also received laptops, color printers, projectors, and a wireless router valued at GHC104,312.

This donation is a part of the Public Sector Reform Results Project (PSRRP) being implemented by the Public Sector Reform Secretariat under the Office of the Senior Presidential Advisor with US$32 million funding from the World Bank.

PSRRP is a 4-year long program, which commenced in 2019 and seeks at improving efficiency and accountability in the delivery of public services by the various government institutions.

The donation was made by the Senior Presidential Advisor, Mr. Yaw Osafo-Maafo, who said the equipment was not just for beautification but to help support the institutions execute their services properly. 

 “The private sector can only function properly when the public sector delivery is efficient. We want the public service to be oriented along these lines that they would provide service to the private sector to make money for the economy to grow,” MrOsafo-Maafo stated. 

He tasked the institutions to make good use of the equipment for efficient service delivery.

Chief Executive Officer of the Public Sector Reform Secretariat, Thomas KusiBoafo, said the PSRRP project engulfs 13 government institutions including the three beneficiaries, Passport Office, Ministry of Foreign Affairs and Regional Integration, Birth and Death Registry, Ministry of Environment, Science, Technology and Innovation, among others.

He said the secretariat is open to strategies and developmental ideas from the institutions that can help in efficient service delivery.

A Deputy Minister of Local Government, Decentralisation and Rural Development, OseiBonsuAmoah, said the accumulation of data on the use of funds from the various Metropolitan, Municipal, and District Assemblies (MMDAs) will now be properly accounted for. 

“Every analysis, financial statements from all the MMDAs are supposed to come to the Ministry. It is a process that is becoming quite tedious because of its manual nature. This equipment will help our work greatly,” he said. 

Mr. Akwasi Agyeman Busia, Chief Executive Officer of DVLA, noted the Authority’s ongoing digitalization drive which had ensured improved service delivery adding that the equipment would enable continuous improvement in its services.

Chairperson of the Public Services Commission, Dr. Janet AmpaduFofie, said the equipment would enhance the Commission’s supervisory duties and reduce operational cost and time.