Ghana Pursues Blockchain Solutions for SME Financing

The Ghanaian government is taking steps to harness the potential of blockchain technology to boost small and medium-scale enterprises (SMEs) financing. The sector has witnessed significant growth in recent years, with over $3 billion in cryptocurrency transactions recorded in 2024.

Blockchain technology can help SMEs raise capital by providing a transparent and verifiable way to represent real-world assets on a digital platform. This can be particularly beneficial for industries such as mining, farming, and trading, which often struggle to access affordable credit due to lack of formal documentation or collateral.

The Chamber of Digital Assets and Blockchain Innovations (CDABI) is leading the charge in promoting blockchain technology in Ghana. The organization has partnered with regulatory bodies, including the Bank of Ghana, Securities and Exchange Commission, and Financial Intelligence Centre, to establish a framework for virtual assets.