Dear all,
Together with the Celo Africa DAO, the support of Mento Labs, and the whole community, we would like to propose a Ghanaian Cedi decentralized stablecoin (cGHS) on Mento.
Why Ghana now?
After eXOF and cKES, and with the success of the roll out of mobile wallets and partners such as Hurupay, Kotani Pay, MiniPay, and Valora in Africa, and a fast growing number of Celo community members in Ghana, it makes sense to take a deeper look at the country.
With an internet penetration rate of 70% and a projected increase of 10m internet users by 2029, Ghana’s digital connectivity is rapidly expanding. Ghana is extensively relying on mobile money transfers, with over 48 million active accounts as of December 2021. As access to technology becomes more prevalent, this growth creates a solid foundation for the adoption of digital assets.
Ghana’s diaspora remitted over $4.6bn in 2023, with the largest contributions coming from North America, followed by Europe and other regions. This significant flow of remittances underscores the demand for efficient cross-border payment solutions.
The IFC estimates that the financing gap for small and medium enterprises in Ghana is equivalent to 13 percent of the GDP making a case for lending (credit for SMEs) using the cGHS as well.
Ghana’s youthful population, with around 57% under 25, presents a unique opportunity to explore innovative financial options. Digital assets provide an accessible and inclusive platform for financial participation, resonating with the aspirations of Ghana’s tech-savvy youth.
Celo Africa DAO
The Celo Africa DAO is currently supporting the growth of the Celo Ecosystem in Africa having received funding from the Celo Public Goods Fund of the Celo Community treasury. The DAO is currently focused on incubating products that enable more engaged usage of the Celo network across wallets such as MiniPay, Valora and others. Many of these projects will find the cGHS relevant to the use cases they support. The DAO is also involved in attracting the best Web3 developers in Africa, as well as increasing the awareness and usage of Celo Ecosystem products.
Mento Labs
Mento Labs helps with building out code and infrastructure for the cGHS on the Mento Platform. The team is working on infrastructure for other countries as well.
Other Partners in Ghana:
Partners on the ground in Ghana include wallets (MiniPay, Valora, Hurupay, Kotani Pay), Micro-finance organizations (Haraka, Grameen Foundation), DAOs The Celo Africa DAO (Celo Ghana), On- and off-ramps (Fonbnk,Transak)
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