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Home»Blockchain»Blockchain for sustainable development: The case of Ghana
Blockchain

BLOCKCHAIN FOR SUSTAINABLE DEVELOPMENT: THE CASE OF GHANA

2022-06-11Updated:2022-06-11No Comments11 Mins Read
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In trendy occasions of speedy globalization and digitization, technological
developments have now reached such proportions that the utilization of
cryptocurrencies is not any new phenomenon. The expertise behind blockchain
opens the web for monetary companies by changing belief, a elementary part of
the monetary system for hundreds of years, with transparency built-in right into
a decentralized community. Thereby, blockchain bears the potential to assist
obtain the United Nations’ Sustainable Improvement Targets (SDG) by empowering
the unbanked, predominantly girls, lowering transaction charges in addition to
creating an alternate supply of liquidity.

Solely 57.7% of adults in Ghana in 2021 had a checking account. Unable to afford
participation within the formal monetary system, the poor discover themselves
paying essentially the most for elementary monetary companies. Furthermore,
there’s a multiplier impact inherent with the financial participation of girls
that takes wide-ranging penalties respecting quite a few SDGs.

Associated: The UN’s ‘decade of supply’ wants blockchain to succeed

Monetary inclusion might alleviate poverty, enhance well being and well-being,
gender equality, take a optimistic impact on youngsters’s training, and extra.
Entry to reasonably priced monetary companies thus turns into a catalyst for
financial progress and alternative. Merely put, there’s a lot at stake right
here. Let’s dig into it.

WEST AFRICA’S FINANCIAL POWERHOUSE: GHANA

Sharing borders with the Ivory Coast, Burkina Faso and Togo, Ghana lies within
the coronary heart of West Africa. The inhabitants is about 32 million, and
apart from varied tribal languages, English is likely one of the acknowledged
nationwide languages. Often seen as West Africa’s financial powerhouse, in 2020,
the nation’s buying energy parity (gross home product per capita) was round
$5,744 United States {dollars}. Till it was hit by a extreme banking disaster
spanning from 2017 to 2020, Ghana’s financial progress had been astounding — the
epitome of what many nations within the area ought to attain. Shaken by simply
one other disaster, going by the title COVID-19, the economic system is within
the technique of restoration.

Ghana’s rich stay concentrated within the south’s city areas and lower-income
households dispersed throughout the countryside, residence to many of the
inhabitants. Consequently, banking companies are largely positioned in city
areas. Regardless of that, a 2010 analysis concluded that bodily entry to banks
is just not the central barrier to banking however fairly Know Your Buyer (KYC)
necessities that lots of the unbanked are unable to satisfy. Additionally, 64%
of the respondents said inadequacy of revenue as being the prime purpose for not
having a checking account. Though this examine could seem outdated, a brand new
examine from 2021 arrived at related conclusions by declaring that one of many
foremost hardships of opening a checking account resides within the lack of
economic assets.

Important to the nation’s monetary companies infrastructure is cell cash, which
accompanies the on a regular basis lifetime of tens of millions of Ghanaians —
roughly 38.9% of the inhabitants in 2021 had registered a cell cash account.
Cellular cash, launched in 2009, is a monetary service that permits folks to
switch cash and deal with funds with out the necessity of getting a checking
account. All that’s required to finish a transaction is a cell phone able to
sending SMS.

Depending on the community supplier, cell cash permits account holders to entry
credit score and different kinds of economic merchandise. It has the added
benefit that its KYC necessities are lax in contrast with that of banks.
Typically, one “solely” wants proof of id to open an account. Taken
collectively, this will come as simply one other hindrance to monetary inclusion
(not everybody might have a cellphone or identification paperwork), however that
is as little as the barrier will get. Two of its distinct disadvantages,
nonetheless, are transaction and withdrawal charges. MTN, for instance, costs
for cell cash transfers as much as 5%. Prices that will appear minor however
construct up over time.

Associated: Right here’s what’s occurring in Web3 throughout Africa

On Nov. 17, 2021, the Ghanaian authorities announced the enactment of an
e-transaction levy of 1.75%, desiring to replenish state coffers. Initially
proposed to come back to cross by February, the e-levy stays postponed because
of fierce opposition. But it’s been asserted that no matter the digital tax,
most individuals will preserve utilizing cell cash.

See also Cosmos-built EVM-ready blockchain Cronos selects 1st cohort of $100M
accelerator

Lastly, overseas remittances is a subject that can not be ignored when
discussing the state of affairs of economic companies in Ghana. Receiving
remittances accounts for a noticeable portion of the nation’s GDP, because it
does in a number of creating nations.

In 2018, Ghana was the second-largest recipient of remittances in West Africa
after Nigeria. With extra Ghanaians migrating to Europe and North America, a
considerable variety of households depend on remittances to make ends meet.
Whereas banks are generally the costliest selection for worldwide transactions,
cash switch companies ship the cash to a financial institution, money pickup
location or cell account at a decrease value.

Cryptocurrency has a aggressive edge over cross-border transactions. In lots of
circumstances, owing to fewer middlemen, sending cash internationally is cheaper
and quicker by way of blockchain. As reported by the World Financial
institution, the common expense of sending $200 was 6.8% within the third
quarter of 2020. In truth, facilitating worldwide remittances was pivotal for El
Salvador’s coverage choice of launching Bitcoin as a authorized tender in
September 2021. The SDGs additionally acknowledge substantial prices for
remittances as an element that impedes monetary inclusion and, thus, have set
the target of lowering them to three% by 2030.

Associated: The world doesn’t want banks, policymakers or NGOs

BLOCKCHAIN FOR SUSTAINABLE GROWTH

Blockchain’s options of being incorruptible and void of intermediaries might
assist to raised serve the unbanked. In flip, this might additionally result in
a diversification of the monetary companies market, which has historically been
dominated by banks. With out delving into reams of technological gobbledygook,
blockchain-based cryptocurrencies may do all (and extra) that banking
establishments can do, however and not using a third-party controlling person
information and charging folks stupendous charges for primary companies.

Apart from all that crypto can do, greater than 10 years after the primary
Bitcoin (BTC), it has not but achieved large client adoption. Drawing on
quantitative surveys carried out with folks residing within the Larger Accra
Area, the nation’s most urbanized area and placement of its capital metropolis,
the findings point out a scarcity of belief in cryptocurrencies’ future: Is it a
monetary bubble, or will it change nationwide currencies, gaining belief within
the course of? Nobody can inform for positive. Nonetheless, the findings
additionally reported an excellent probability for cryptocurrencies to select up
steam and enrich the monetary companies market, particularly if they might be
simpler to make use of, extra secure, and accepted by outlets for use for every
day purchases.

It seems that folks don’t but have the data required to carry out cryptocurrency
transactions (not solely in Africa, as different surveys present). Certainly, it
takes an enormous period of time to get your head round it.

Associated: Crypto training can deliver monetary empowerment to Latin People

Lack of belief thrives on lack of information that impedes crypto’s adoption —
the demonizing approach wherein this monetary instrument is recurrently
portrayed by a lot of the media doesn’t do good both. It’s a vicious cycle that
can not be disentangled until there exists an easy-to-use monetary service that
each people and store house owners can use. As quickly as there’s such a
platform, maybe with which one can switch funds by way of SMS (thus constructed
on an present infrastructure a great deal of Ghanaians are accustomed to), this
cycle could also be challenged and cryptocurrency’s adoption accelerated. That
being stated, there are companies engaged on SMS-based blockchain transactions.
Though this doesn’t imply changing different kinds of monetary instruments, it
might diversify the monetary companies sector and embody people who’ve thus far
been not noted.

At this juncture, it’s value noting that the fluctuation within the value of
some cryptocurrencies may be overcome by using stablecoins, cryptocurrencies
which are pegged to fiat — i.e., government-issued currencies — or valuable
metals. Whereas critics are fast to level out that these cash are not
decentralized as, when it comes to fiat, their worth closely will depend on the
efficiency of the foreign money they mirror. Some corporations within the crypto
area have succeeded in creating comparatively decentralized stablecoins — e.g.,
MakerDAO’s Dai).

See also Jack Henry Customers Now Have Bitcoin Access Following a Partnership
With NYDIG

Additionally, greater than 70 nations are at the moment engaged on establishing
a digital equal of their nationwide currencies. Known as central financial
institution digital currencies (CBDC), a digital equal of nationwide currencies
given out by central banks might amp up client protections and spark a
regulatory framework, entailing fiscal and financial coverage, for a major a
part of the monetary system, which has thus far extensively eluded authorities.
After all, there are drawbacks: Customers must quit a point of privateness and
management, whereas central banks could be geared up with inconceivable energy
permitting them thus far again transactions, render them undone, and many
others. — away with the “tamper-proof” high quality of decentralized finance.
It’s an excellent alternative for the mannequin authoritarian authorities that
needs to consolidate its grip over monetary transactions, and residents. Ergo,
cryptocurrency and blockchain could also be a medium of freedom or be misused
for dystopian outcomes.

However, by offering a easy infrastructure for kickstarting crypto, CBDCs joined
with a user-friendly platform could possibly be the start line and gateway via
which individuals can find out about cryptocurrency and grow to be empowered.
Henceforth, folks might really feel inspired to scout the cosmos surrounding
cryptocurrency, develop their monetary literary muscle, and transfer financial
savings to decentralized options.

Classes taken from El Salvador may assist propel monetary inclusion via crypto
in different components of the world. Whereas this text can not discover all of
the arguments round CBDCs, they could simply be one approach to generate belief,
incite monetary inclusion, and speed up the adoption of crypto. Acknowledging
the immense potential of cryptocurrency, I discover that it’ll in all chance
enhance in relevance. What issues me is fairly how a lot time it requires for
cryptocurrency to realize floor, contemplating that lots of these in energy
maintain a vested curiosity in preserving issues as they’re. Glancing at
historical past, I’m assured its adoption will probably be faster than the
transfer from cowrie shells to fiat.

YET ANOTHER TIME ABOUT INCLUSION

By providing a fairer and extra clear monetary system, cryptocurrencies and
blockchain pose a substitute for standard monetary companies. Recognizing
cryptocurrency and blockchain for monetary inclusion and looking out past cell
cash and banking infrastructures are crucial to catering to folks’s want for
entry to reasonably priced monetary companies. A user-friendly platform is
required to facilitate the utilization for people and companies. With this,
anybody may entry the advantages with out intensive data of blockchain. Crypto
would possible be accepted by outlets, serving to foster the supply of economic
inclusion on a part of the U.N.’s Sustainable Improvement Targets. Nonetheless,
regulatory frameworks and monetary training shouldn’t be understated when
tackling monetary exclusion.

Finally, it turns into obvious that what blockchain threatens to exchange is the
very nature of the monetary system by bypassing the difficulty of belief.
Resulting from its brevity, the article not noted many technical facets of
blockchain, comparable to custodial and noncustodial wallets, decentralized and
centralized exchanges, and several types of blockchains, cryptocurrencies and
consensus mechanisms, however I encourage everybody to set out on the journey of
exploring (“googling”) these and different ideas. Having completed analysis on
this matter for a substantial period of time, albeit it’s a tedious enterprise,
I can guarantee you it’s a thought-provoking and knowledge-enhancing one. Since
a lot of blockchain continues to be in its infancy, it’s an excellent time to
begin studying about it now.

This text doesn’t include funding recommendation or suggestions. Each funding
and buying and selling transfer entails danger, and readers ought to conduct
their very own analysis when making a choice.

The views, ideas and opinions expressed listed here are the creator’s alone and
don’t essentially replicate or characterize the views and opinions of
Cointelegraph.

Dustin Jung is a blockchain fanatic. He holds two grasp’s levels within the
fields of social science and administration research from the College of
Freiburg, Worldwide Enterprise Faculty Budapest, and the College of Buckingham.
Having lived in Ghana from 2018 to 2019, Dustin rapidly turned captivated with
how blockchain can drive sustainable growth in creating nations.

Blockchain case Development Ghana sustainable
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