The Paramount chief of Oblieman in Ga West who also doubles as the President of Abola Piam Royal Council, Nii Ayitey Anumle Oyanka, has stated that the collapse of banks in Ghana should encourage the financial sector to move to digitization in order to help resolve the situation.
According to Nii Ayitey Anumle Oyanka, the time for changes in the financial sector is now, and the Bank of Ghana (BoG) should therefore adopt digital and crypto-banking systems.
Nii Oyanka, who is also an International Recruitment Consultancy in Africa for Garvey Staffing Company based in USA and Civtek International Advisor for Africa, recommended that the BoG needs to prepare 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,” he said.
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).
