BLOCKCHAIN TECHNOLOGY IN GHANA'S BANKING SECTOR: A COMPREHENSIVE REVIEW OF OPPORTUNITIES AND CHALLENGES
Abstract
The advancement of blockchain technology has significantly transformed the provision of banking services, paving the way for a paperless environment, automation through robotics, disaster tracking via Artificial Intelligence (AI), and rapid disease treatment through biotech innovations. Blockchain stands out as a groundbreaking technology with the potential to drive innovation across various sectors. However, its widespread adoption, particularly in Ghana and Africa, faces unique challenges. This paper examines the opportunities and obstacles associated with adopting blockchain technology in Ghana. Utilizing a qualitative approach, the study conducted interviews with a representative from the Ghanaian Central Bank and nine representatives from commercial banks in Accra. The findings reveal that the adoption of blockchain technology in Ghana's banking sector is hindered by factors such as the absence of international standards or regulations, high energy costs, insufficient infrastructure, and challenges including poverty, corruption, and lack of technical support. The study underscores the need for addressing these barriers to facilitate successful blockchain implementation in Ghana's banking sector
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Blockchain technology Banking sector Ghana Adoption challenges InnovationDownloads
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Copyright (c) 2024 Kwame Adom Mensah, Anna Maria Schmidt , Li Jun Wang
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