The current prevailing financial challenges in Ghana could be direct calls for investors to embrace cryptoassets for financial freedom. Up-to-date, Ghanaian investors are still subjected to financial difficulties as the Bank of Ghana (BoG) continues to probe fund managers for mishandling funds. It is with this in mind that we think that it is time for Ghana which has one of the fastest growing economies to envisage cryptoassets for the achievement of financial freedom.
A Three-Year-Old Banking Crisis that gives a reason to doubt the financial atmosphere in Ghana
The Ghanaian banking crisis that outraged the financial atmosphere in the country started back on August 14, 2017. It happened when the Bank of Ghana (BoG) revoked the licenses of Capital Bank Ltd and UT Bank Ltd while approving a purchase and Assumption (P&A) transaction with the GCB Bank Ltd that did not hesitate to transfer all selected assets and deposits of the two banks upon finding that they were insolvent.
In 2018, the Bank of Ghana subsequently revoked the universal licenses of 5 banks which included Construction Bank, UniBank Ghana limited, Royal Bank, Sovereign Bank, and Beige Bank. In addition to this, BoG issued a license to a newly created bank in the name of Consolidated Bank Ghana Limited, which happens to be fully owned by the Ghanaian government.
As if all these shake-ups in the banking sector were not sufficient, the Bank of Ghana proceeded with revoking the licenses of 23 insolvent savings and loans as well as financial house companies some few weeks ago. These hazardous happenings in the country’s financial sector have led to several issues in one of the world’s fastest growing economies in 2019.
A time for Ghanaians to consider cryptoassets
With all the current prevailing turbulences in the financial ecosystem in Ghana, we think it is time for her investors to consider cryptoassets as investments with real asset ownership and transparency. It is without doubt that Bitcoin and other digital currencies are naturally fit in hazardous financial situations like these. Note here that for consumers and investors to escape the uncertainty of such a disorganized space, they must all hold assets that they directly control.
Remember that cryptocurrencies allow users to fully own their assets. In addition, they also give them independence from regulated, mainstream, and established financial systems. When it has to do with cryptoassets, there is no financial institution that is responsible for the safekeeping of your funds, hence, you won’t have your funds mishandled.
By embracing cryptoassets, you are freeing yourself from the current financial situation where many Ghanaians are not sure of the future of their funds due to the previous changes in the last three years. As a cryptocurrency user, you always have control and access to your funds at any time. In order to clearly understand what we are saying here, we’ll invite you to imagine in a few seconds a pregnant woman who in Kumasi, Ghana, who deposited her money in a saving and loans institution ahead of giving birth with the mindset of settling her hospital bills but is unable to access her funds at the moment when need arises and remains stuck in the hospital just because the institution has been closed down. On the other hand, if she was rather having Bitcoin, she would have easily paid in BTC, or exchange it to cedi in order to pay her bills without any major issue.