Ghana’s business environment has become increasingly challenging, especially for small and medium enterprises (SMEs) that form the backbone of the economy. Rising inflation, currency depreciation, high taxes, and limited access to financing have created significant obstacles for entrepreneurs striving to sustain and grow their businesses. In the face of these difficulties, adopting innovative technologies has become essential for survival and competitiveness.
Recognizing this need, the YAFO Institute through the Decentralized Business Empowerment equiped business owners with the knowledge to leverage blockchain technology. This transformative training introduced participants to the power of decentralized technology, smart contracts, stable coins and digital assets in enhancing transparency, efficiency, and financial inclusion within their enterprises. By embracing blockchain solutions, SMEs in Ghana can navigate economic uncertainties and unlock new growth opportunities in an increasingly digital world. The training was open to small-scale enterprises, blockchain enthusiasts, and informal business owners. The training was in three cohorts: two online and one in-person, with Mr. Nathaniel Dwamena being the facilitator for each cohort.
The first cohort, held on February 8, 2025, introduced participants to decentralized technology and its impact on businesses. The session provided an in-depth understanding of blockchain, covering its types, advantages, and drawbacks. He explained how blockchain operates and highlighted its business benefits, including cost reduction, enhanced transparency, and improved security.
The discussion explored real-world applications of blockchain technology, including its use in healthcare records, financial transactions, digital identity verification, and smart contracts. However, several key challenges were also addressed. These challenges include variations in transaction speed and costs across different blockchain networks, regulatory uncertainties, and the early-stage adoption of the technology. Additionally, issues such as improper setups that have led to hacks and asset losses highlight the importance of implementing robust security measures in blockchain applications.
Cohort 2 focused on smart contracts and Decentralized Finance (DeFi) as key blockchain innovations. Smart contracts are self-executing programs that automate blockchain transactions, ensuring trustless execution, transparency, security, and immutability. These contracts define the terms of agreements between parties and execute automatically once predefined conditions are met. In business and trade, smart contracts streamline processes such as procurement and payments, allowing manufacturers to arrange transactions and suppliers to schedule shipments without relying on intermediaries.
The session also explored DeFi, a blockchain-based financial ecosystem that eliminates traditional intermediaries like banks, enabling users to lend, borrow, trade, and earn interest through decentralized networks. DeFi offers advantages such as open access, transparency, programmability, and seamless interoperability across platforms. However, participants also examined the risks, including vulnerabilities in smart contracts, regulatory uncertainties, and challenges related to network scalability and high transaction fees.
Cohort 3 was an in-person session held on the 22nd of February, 2025 at the Ghana-India Kofi Annan Centre for Excellence, Accra. The session covered the fundamentals of inflation, its impact on purchasing power, and methods to safeguard business capital. Participants explored stable coins as a hedge against inflation, the benefits of cryptocurrency payments—including low transaction costs, fast settlements, and borderless transactions—and practical implementation strategies. The training emphasized choosing suitable digital assets, setting up secure wallets, integrating payment processors, and ensuring compliance. With Ghana’s crypto-friendly environment, businesses were encouraged to adopt stablecoins like USDT for stability and efficiency. iExchange, a local partner also represented to onboard business owners on their platform, making participants understand how it works and understanding associated features.
In conclusion, the Decentralized Business Empowerment (DBE) training provided over 150 participants with valuable insights into blockchain technology, smart contracts, and decentralized finance. This training equipped them with practical knowledge to navigate the evolving digital economy. Discussions on inflation, business capital protection, and cryptocurrency payments further enhanced their understanding of how to leverage blockchain for business growth. Participants were highly engaged and impressed by the depth of knowledge shared during the sessions. Many expressed their satisfaction with the training and were eager to apply the insights gained, recognizing the transformative potential of blockchain and decentralized finance in their respective fields.
Article by
Hillary Esa Agbanaglo
