As part of their digitization plan and an attempt to combat corruption, Ghana is set to be the first blockchain powered government in Africa. This comes after a series of debt crises despite a $3 billion bailout fund from the International monetary fund. Citing lack of accountability and corruption activities, the Vice President of Ghana, Dr Mahamudu Bawumia believes that the blockchain accountability framework can be instrumental in bridging accountability gaps in Ghana’s government.

As we advance this conversation, we will look at Ghana’s quest for a blockchain powered government and how the blockchain framework can mitigate the underlying financial crises.

A Case for a blockchain powered government in Ghana

At the 14th regional conference and annual general meeting of Heads of anti-corruption agencies in Commonwealth Africa, Ghana’s Vice President, Dr Mahamudu Bawumia made a case for a blockchain powered government in Ghana. His reason is that blockchain automation features could save Ghana from billions of dollars lost to corruption activities.

According to a report, Ghana is facing debt crises despite interventions from the international community. The leaders believe that lack of accountability could be one of Ghana’s biggest challenges in governance.

This is not Ghana’s first leap to digitization. Recall that in 2017, Ghana made its first public digital entrance. The Ghanaian government launched an official portal - a one-stop platform for paying for public services electronically. So far, the portal has generated about GHC 201 billion since 2020.

Having recounted the benefit of the payment portal to the Ghanaian government, Vice President Bawumia believes that the next phase of Ghana digitization initiative is to establish itself as the first blockchain powered government in Africa. He also hinted on plans to invest in blockchain tools that secure government data and ensure financial accountability.

What is in blockchain for Ghana Accountability quest

Transparency and Immutability

Blockchain transactions are difficult to alter. This is because all transactions are recorded on the blockchain ledger, timestamped and linked to previous transactions. Hence every participant of a particular transaction in the blockchain can access the transaction history.

In context Ghana can benefit from this transparency and immutability feature in that every dime spent from its government treasury can be tracked. Not only that, transactions history will equally be accessible to all , hence improving accountability and openness.

Verifiable transactions

Every transaction on the blockchain is verifiable on the blockchain ledger. Using the transaction history, the Ghanaian government can use this blockchain feature to reenfore trust and accountability where it is lacking. This is because no single entity controls the entire blockchain network; transactions are processed after reaching a consensus. Hence, the transaction outcomes are still open to all the parties involved for verification and confirmation before it goes through.

Final Note

Although regulatory policies still remain a global concern in the blockchain space, the use of blockchain technology and its resources to combat corruption and ensure accountability is commendable for a government like Ghana. This plan, if implemented, will not only prove the usefulness of blockchain in mainstream governance, it will also equip Ghana for the next face of advancement especially in blockchain regulation.