Chief Appeals to President, Finance Ministry and Central Bank of Ghana to Adopt Digital and cryptocurrency banking systems

The Paramount chief of Oblieman in Ga West who also doubles as the President of Abola Piam Royal Council Nii Ayitey Anumle Oyanka, Chief of says , the collapse of banks in the country is the solution but rather advise that if the financial sector can moved to digitization to help resolve the crisis.

According to him, the time of money changes is very near. Bank of Ghana must Adopt Digital and Crypto banking systems and that the most common way of transfer which is the “Swift wire transfer ” has become odd and boring for investors.

Nii Oyanka who is also an International Recruitment Consultancy in Africa for Garvey Staffing Company based in USA and also Civtek International Advisor for Africa Ghana recommended that , The Central Bank of Ghana must be prepared for a major transition in banking .It’s time to adopt cryptocurrencies. Retail-banking clients and institutional investors are expressing increased interest in this financial vehicle and in the distributed-ledger technology (DLT) that underlies it: particularly innovations such as blockchain.

Nii Oyanka Made a remark That some investors, fintechs, and venture capital funds are beginning to make a sustained commitment to cryptocurrency, regarding it as the future of money. Banks can no longer afford to ignore this opportunity.

The continuing momentum in cryptocurrency is clear from the pace of investments by institutional investors, venture capital firms, and private equity funds. Invested capital per deal has risen from about $5 million in 2015 to almost $20 million during the first two quarters of 2020,

Nii Oyanka Noted that Banks have many possibilities and business use cases to choose from as they enter this market, involving the currencies themselves, the underlying distributed-ledger technologies (DLTs), or both. In the currency domain, they can help startup ventures bypass the ordinary capital markets through ICOs, where the coin offering becomes the primary vehicle for funding the new enterprise. Banks and investment firms can help customers invest directly in cryptocurrencies, steering them toward the relatively few offerings that are likely to succeed (by attracting enough customers to become hubs of activity). For sophisticated customers, one option is tokenization investments, which are a cryptocurrency-based analog to securitization, bringing a variety of investments together in tranches.

Banks can also provide currency-trading services (for example, in bitcoins or digital euros if they are offered) and crypto-enabled digital payments and transactions. These coin swaps can be offered through three types of exchanges: central-bank digital currencies (CBDCs) issued from national financial authorities, private blockchain-based currencies from a bank or company, and network-issued currencies, such as Bitcoin or Litecoin, with a public blockchain.

Nii Oyanka Says the responsibilIties of a certain government does must all not be left for the President and his Government alone for the betterment of the country but it also the responsibility of all Ghanaian citizens to help build this nation .

The Chief also noted that he has a special and professional teams of crypto and digital bankers from all over the world, if when approved will be coming to do free training programs for the people of Ghana.

Other than some investors, most of the companies involved in cryptocurrency tend to be young: less than two or three years old. But many will participate in the digital ecosystems. We are ready to help the government to make this happen.

Story by Nana Yaw Cobbinah

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