Ghana’s President, John Dramani Mahama, has publicly endorsed Solana cryptocurrency as a transformative tool for financial technology development across Africa, underscoring its potential to drive financial inclusion and spur innovation. His endorsement coincided with Solana’s fifth anniversary of its mainnet launch on March 16, 2020, marking a significant milestone for the blockchain platform, which has processed over 408 billion transactions and accumulated nearly $1 trillion in trading volume.

Speaking at the African Fintech Summit in Accra over the weekend, President Mahama highlighted the critical role of blockchain technology in modernizing financial services across the continent. He emphasized Solana’s ability to facilitate low-cost, high-speed transactions as a game-changer in expanding access to digital financial tools. The president further noted that financial inclusion is not just an issue for Ghana but a pressing concern for the entire African continent, where over 60% of the population remains unbanked. He pointed out that traditional banking infrastructure has failed to adequately serve millions, positioning decentralized finance as a crucial alternative that can bridge the gap.

Through a post on his X account, Mahama articulated the importance of leveraging blockchain-based solutions to enable cryptocurrency payments, investments, and peer-to-peer transactions. He called on African governments to embrace the technology rather than fear it, stressing that a well-regulated crypto ecosystem could unlock significant economic opportunities. Acknowledging challenges such as regulatory uncertainty and market volatility, he urged policymakers to establish balanced and forward-thinking frameworks that encourage innovation while protecting consumers.

President Mahama’s endorsement aligns with Africa’s growing engagement with cryptocurrency adoption. Countries like Nigeria, Kenya, and South Africa have emerged as leaders in integrating digital assets into remittances, savings, and mobile payments, further reinforcing the continent’s potential as a key player in the blockchain economy. His remarks also resonated with private sector stakeholders and fintech startups seeking to leverage blockchain’s efficiency and security to build scalable financial solutions tailored to African markets.

The president also addressed environmental concerns often associated with blockchain networks. He pointed out that newer platforms like Solana are significantly more energy-efficient compared to earlier blockchain iterations such as Bitcoin. Solana’s energy efficiency, coupled with its growing developer ecosystem, has positioned it as an attractive alternative for fintech innovators. According to data from DeFiLlama, Solana’s decentralized finance ecosystem now boasts over $7 billion in total value locked across various protocols, while a 2024 report from Electric Capital revealed that Solana has surpassed Ethereum in attracting new developers, with 7,625 joining its ecosystem in the past year alone.

Mahama’s endorsement signals a broader shift in how African leadership perceives blockchain and cryptocurrency, moving from skepticism to strategic adoption. His call for investment in fintech startups, digital literacy programs, and blockchain education reflects an acknowledgment that Africa must stay competitive in the rapidly evolving global digital economy. By fostering public-private collaboration in blockchain-powered solutions, he envisions a future where financial services are not only more accessible but also more efficient and secure. As regulatory discussions around digital assets continue to evolve, Mahama’s stance highlights the need for a pragmatic approach that balances innovation with economic stability, ensuring Africa capitalizes on the transformative power of blockchain technology.