Ghana: BoG Urged to Come Up With Regulations for Adoption of Crypto Currencies

The Bank of Ghana (BoG) should come up with regulations to regulate the adoption of crypto currencies in the country, Chairman of Ghana Dot Com, Professor Nii Narku Quaynor, has said.

According to him, the country should not wait for multinational companies to dominate the industry before opening the space for local companies, as the country did to the internet.

“As with all technology waves the early bird catches the worm. We are hopeful that blockchain technologies do not suffer same fate as internet where we went from over 100 local Internet Service Providers in 1990s to the handful of multinational companies providing internet services,” Prof. Quaynor stated this at the maiden Africa Technovate Awards Fair 2021 held in Accra at the weekend.

Organised by Africa Integrated Development Communications Consultancies (AIDEC)Limited to reward and appreciate players in the technology space on the continent, it was on the theme Information Technology and the Way Forward for Africa under the Fourth Industrial Revolution.”

Speaking on the topic “Exploring the Nexus between Blockchain Technology and Digital Transformation,” Prof. Quaynor who received the Lifetime Achievers Awards, explained crypto currency as any form of currency that existed digitally and used cryptography to secure transactions, and said space should be created for crypto currencies in the technology space.

He said other countries such as Tonga had adopted crypto currency as a legal tender and Ghana could do same, stressing the digital currency helped to restore Tonga’s economy after it was devastated by a volcano.

The Chairman of AIDEC Group, Prof Robert Yennah, said across the globe, government and private sector establishments were racing against time to become more digital, pointing out that going digital was the new normal for doing business and engaging with customers, improving customer care and business outcomes.

He said the award sought to establish partnerships with and draw support from government, private sector and non-profit organisations to successfully drive digital solutions for Ghana and Africa in general.

The Chief Executive Officer of Ghana Chamber of Telecommunications, Dr Kenneth Ashigbey, who chaired the awards, said the Africa Technovate Award was AIDEC’s contribution to the development and uplifting of technology and digitalisation across Africa.

“Digitisation and digitalisation under AfCFTA will facilitate the flow of goods, ideas and capital as well as bolster innovation in the public and private sectors of Africa,” he said.