The recently held Decentralised Business Empowerment training, led by the President of YAFO Institute, Nathaniel Dwamena, provided invaluable insights into the adoption of blockchain technology and cryptocurrency to help businesses mitigate high operational costs and safeguard their capital against inflation.
Speaking at the climax of the three-cohort training in Accra, Dwamena explained that the initiative was inspired by the rising cost of doing business in Ghana and the erosion of business capital.
“We realised that most businesses face increasing operational costs, and their capital is being eroded. This training, which we call the Decentralised Business Empowerment, is designed to help businesses utilise blockchain technology and stable currencies to reduce their business costs and enhance operational efficiency,” he said.
He emphasized that blockchain-based payment systems could significantly lower transaction costs compared to traditional banking methods.
According to him, blockchain is a cost-effective and instantaneous payment system that can significantly reduce transaction costs compared to traditional banking methods that may take days or weeks.
Dwamena also highlighted the role of cryptocurrency in preserving business capital against inflation. “With blockchain and stablecoins, businesses can store their assets securely and hedge against inflation. This ensures that entrepreneurs maintain their purchasing power and do not suffer capital erosion,” he added.
Participants were also introduced to various blockchain types, smart contracts, and their practical applications in reducing disputes and improving business efficiency.
Addressing common misconceptions surrounding cryptocurrency, he reassured attendees of its legitimacy. “Blockchain technology has been around since 2008, with its first practical application in 2009. It has existed for more than 14 years and continues to grow.”
He observed that fear of cryptocurrency often stems from a lack of knowledge, which scammers exploit.
“That is why it is crucial to acquire the right information and use this technology to our advantage,” he stated.
The YAFO Institute president further urged financial institutions to embrace innovation to support small businesses and entrepreneurs. “The banking industry is evolving, and banks must find innovative ways to provide financial support beyond public sector workers. Many small businesses are creating innovative products but lack the necessary financial backing due to strict documentation requirements,” he asserted, adding that Decentralised Finance (DeFi) is helping to bridge this gap.
Participants share their experiences
Several participants expressed gratitude for the training, acknowledging its transformative impact.
Erica Pinamang, a businesswoman, described the session as an eye-opener. “Before today, I had no knowledge of cryptocurrency or Bitcoin. My expectations were solely based on traditional banking. However, I have realised that banks impose numerous charges even when no transactions are made. Every month, I am deducted fees,” she shared.
She highlighted the advantages of cryptocurrency over conventional banking systems, stating that “with Bitcoin, transaction fees are much lower, and I can send money globally at a reduced cost.”
“Cryptocurrency allows me to access my funds 24/7, unlike banks, which close at 5 p.m. This innovation has simplified financial transactions for me,” she added.
Pinamang, who is involved in the clothing import and export business, believes cryptocurrency will enable her to expand internationally without delays. “I am truly grateful for this opportunity. If not for this program, I wouldn’t have gained this valuable knowledge,” she expressed.
Another participant, Thywill Essel, a student and entrepreneur, also praised the training for broadening financial perspectives. “Many people in Ghana still lack awareness about electronic transactions. This program enlightened us about the possibilities beyond physical cash,” he said.
He noted that cryptocurrency transactions minimise taxation and reduce processing times. “High taxes and long transaction delays are frustrating, but crypto eliminates these issues. You pay only for the product or service—no extra charges, no additional taxes, and transactions are incredibly fast,” he explained.
Essel underscored the need for more such initiatives.
