July 11, 2021

The prospects of Cryptocurrencies as tools for investment in West Africa was highlighted by Mr. Olusegun Akinyelu, a Cryptocurrency writer of BTCC Bitcoin Crypto Derivative Exchange, Abuja. Mr. Akinyelu in his presentation began by explaining where Cryptocurrencies fit in the evolution of money.

He further explained that since the barter system, money has continued to evolve, changing its form, but performs its basic functions as a medium of exchange, store of value, and a unit of account.  It is worth the same to everyone, and acceptable for payment.

 And explained that with modern civilization came flat money, a more portable form of money issued by governments. Flat money, he noted, also come with its problems, from hyperinflation in Zimbabwe, to trust issues in the traditional financial system. An example he noted is the 2008 global financial crisis.

Today, he noted, many would like to know if flat money is the last stage in the evolution of money, and if not, what is the next stage?

 He gave the example of internet, a globally distributed network of computers that created a world where we can easily and quickly send information to anyone, anywhere, and at any time without any form of controls. It is similar thinking that money can work the same way which motivated the introduction of Cryptocurrencies.

On Cryptocurrencies, his words: “Cryptocurrencies, the next evolution of money that is entirely digital without the need for a central authority, powered by distributed ledger technology, Cryptography, and game theory.

On this ecosystem, Cryptocurrencies were first created following hand coded computer rules agreed by participants. They are then used to reward participants for contributing towards securing the networks and validate transactions entries into a distributed ledger.

 These participants are known as miners on Proof-of-Work (ROW) Crypto projects, and validators on Proof-of-Stake (POS) ecosystem”. Mr. Akinyelu in his presentation also explained; how Cryptocurrencies work, how they are kept safe thanks to cryptography (Bitcoins being the most popular); Private and Public keys; The Cryptocurrency architecture; Blockchain (A huge global decentralized ledger that is immutable and contains transactions records);

The increasing number of Cryptocurrencies in circulation; Venture Capital (VCs) and problem solving. On the crux of the topic, ” Cryptocurrencies: Prospects as tool for investment Growth in West Africa”, the presenter cited the following key subjects; High Inflation (Cryptocurrencies seen as a hedge against high inflation, which is prevalent in the region); StableCoins (New Crypto assets);

 Governance and Political Instability  (Cryptocurrencies seen as a hedge against governance and instability, which is prevalent in the region); Identification  (Blockchain technology being used in other sector particularly as proof of Identity); Physical and Financial Infrastructures (Reliable Electricity and Mobile Networks); Informal Savings, Borrowing, and lending; Programmable Smart Contracts on the Blockchain; Agriculture Payments and Exposure to Financial Risk, Domestic and Cross Border Remittances for Businesses and the Unbanked Adults in West Africa; African Arts and Crafts (Increased access to the Global Market).


Dzifa Gomashie to spearhead expansion of Neonatal, Intensive Care Units of Municipal Hospital

The Member of Parliament for Ketu South, Abla Dzifa Gomashie hopes to bring some level of improvement in the neonatal health delivery, and intensive care services at the Municipal Hospital.

To this end, she has promised and designated that her share of the NHIA Fund be used for the expansion of the Ketu South Municipal Hospital’s Neonatal and Intensive Care Units and the expansion of the Anoenu CHCD.

The Municipal Health Director, Mr. Joseph K Degley brought this to light at the climax of the Nurses’ Week Celebration program organized by the Ghana Registered Nurses and Midwives Association with the theme “Nurses and Midwives, A Voice to Lead in The Vision for A Transformed Health Care in A Post Covid 19 World”.

The Director of health in his address congratulated all nurses and midwives for their immense contribution and sacrifice at this COVID-19 era.

He urged members of the Association to take advantage of the opportunity being offered them through the introduction of the Graduate Diploma and Midwifery courses to further their education and develop themselves.

The Member of Parliament through his representative; the former NDC Constituency Chairman; Mr. Marshall Akumey affirms her infringing support to the Municipal Health Directorate and the general wellbeing of all health workers in the Municipality.

She also used the occasion to congratulate members of the Association, commending all those who have in many instances being tolerant and patient towards their patients, and also encouraged those who falls short of these to buckle up and emulate their colleagues.

The MP, however, noted that it is her hope that her constituents will be frequently educated and admonished by health workers to practice healthy lifestyles to keep them away from ill-health.

As the Special Guest of Honour for the occasion, Madam Gomashie, the MP for the area expressed her profound gratitude to the nurses, the midwives and the entire Municipal Health Directorate and declared that she “holds them in high esteem”.

Francis Vorsah/Ghanamps.com