Founder and President of YAFO Institute, a think-tank that advocates for liberty and free enterprise, Nathaniel Dwamena has emphasized the critical role of digital technologies such as blockchain and stable currencies in enhancing business efficiency and safeguarding against economic challenges.
Speaking at the face-to-face meeting with all Cohorts of the Decentralized Business Empowerment training organized by the YAFO Institute, Mr. Dwamena highlighted the importance of leveraging decentralized technologies to reduce operational costs and protect against inflation-induced capital erosion.
He urged SMEs to take advantage of YAFO’s training programs under the Decentralized Business Empowerment module, which focuses on deploying digital technologies such as blockchain, smart contracts, and digital currencies to enhance financial inclusion and profitability.
“By acquiring knowledge, businesses can learn how to utilize these technologies to boost their efficacy, reduce costs, and reduce the level of double taxation they face in Ghana. SMEs should embrace these technologies and seek knowledge.”he noted
Participants in the training have reported significant benefits. Patience Ansah, who operates an online electronic and kitchen appliance shop, noted that her newfound understanding of cryptocurrency has encouraged her to invest in digital currencies as a safer alternative to traditional banking for both short-term savings and long-term investments.
Erica Osei Panamang, owner of a unisex cloth and accessories shop, highlighted the advantages of using digital currencies for international transactions, citing lower fees and the ability to access funds anytime without bank restrictions.
“This will really help me exchange or send money overseas to my suppliers. I can also receive my items faster.”
“With banks, suppliers often wait for the money to arrive before sending the items. With Bitcoin, if I don’t receive the item, the money won’t be sent to the supplier” she noted.
The Decentralized Business Empowerment initiative aims to empower micro, small, and medium enterprise owners by equipping them with the knowledge to implement decentralized technologies effectively. This not only boosts operational efficiency but also positions SMEs to capitalize on opportunities presented by the African Continental Free Trade Agreement.