In Ghana, the heartbeat of the economy lies in its private informal sector, where small businesses—often led by women—employ 94% of the workforce. Yet, these entrepreneurs face daunting barriers: double taxation, high transaction costs, limited access to formal banking, and exclusion from digital financial systems. For years, development efforts have overlooked this vital sector, leaving micro, small, and medium enterprises (MSMEs) to navigate a maze of regulatory challenges and financial constraints.
The YAFO Institute, driven by a passion for liberty and economic empowerment, recognized this gap and launched the Decentralized Business Empowerment (DBE) project in 2025. Designed to uplift Ghanaian entrepreneurs, the DBE initiative equips MSMEs with decentralized technologies like blockchain and stablecoins to cut costs, protect capital, and unlock growth. Through three intensive training cohorts, the program empowers business owners to thrive in a digital economy and seize opportunities like the African Continental Free Trade Agreement.
A Dream Tested: Patience Matey’s Story
Patience Matey, a resilient entrepreneur from Pokuase, Accra, embodies the grit of Ghana’s informal sector. A graduate who turned to entrepreneurship to escape unemployment, Patience built a thriving retail business importing and selling household appliances. Her shop buzzed with customers paying via mobile money, a lifeline for small businesses. But in 2022, the Electronic Transaction Levy (E-Levy) disrupted her operations. Every mobile money transaction—whether receiving payments or settling with suppliers—incurred taxes, piling on costs. Double taxation and exchange rate losses further squeezed her margins, as she sold in Ghanaian Cedis but imported goods in US dollars.
Inflation gnawed at her capital, and a bold move to invest $2,500 in government bonds backfired. When Ghana’s Domestic Debt Exchange Program restructured bond payments in 2023, Patience’s investment dwindled to $1,260. “I felt betrayed,” she recalls. “I worked so hard, but it seemed the system was against me.” Yet, her entrepreneurial spirit refused to break.
A Turning Point: The Power of Decentralized Solutions
In early 2025, a friend introduced Patience to the YAFO Institute’s DBE training. Over three cohorts, she immersed herself in sessions on blockchain, stablecoins, and cryptocurrency payments. The training was a revelation. Patience learned how stablecoins like USDT could shield her capital from inflation and exchange rate volatility. By saving in USDT for future imports, she stabilized her finances. She also began accepting stablecoin payments, slashing transaction costs and bypassing the E-Levy’s bite.
The DBE program didn’t just offer tools—it sparked a mindset shift. “Before, I thought digital assets were for tech experts,” Patience says with a smile. “Now, I see bitcoin and stablecoins as better than government bonds. I can liquidate my investments anytime, without restrictions.” Her newfound confidence reflects the program’s core mission: empowering entrepreneurs to take control of their financial futures.
A Broader Impact: Advocacy and Transformation
Patience’s transformation is part of a larger movement. The YAFO Institute’s advocacy, amplified by millions of Ghanaians, led to a historic win in March 2025: the abolishment of the E-Levy and other nuisance taxes. This victory, celebrated across the informal sector, freed businesses like Patience’s from double taxation, boosting their profitability. “The tax relief feels like a weight lifted,” she says. “Now, I can focus on growing my business.”
The DBE training has reshaped Patience’s operations. By adopting decentralized solutions, she’s saved $135 monthly on transaction costs and exchange losses. Her customer base grew by 5%, and she’s expanded to two new regions in Ghana. “I used to feel small when the government defaulted on bonds,” Patience reflects. “Now, I know I have options—digital assets give me freedom.”
Scaling Liberty: A Vision for Ghana’s Future
Patience’s story is one of many. The YAFO Institute, with support from partners like the Atlas Network, is committed to transforming Ghana’s informal sector. By equipping MSMEs with decentralized tools, we’re helping small businesses become smart businesses—resilient, profitable, and globally competitive. Our vision is clear: a Ghana where entrepreneurs like Patience can scale their dreams without systemic barriers.
As we continue this journey, we invite policymakers, donors, and communities to join us. Together, we can build an economy where innovation and liberty empower every entrepreneur to thrive.
