Thousands of peoples savings have vanished in Ghana

According to reports Ghana are planning a massive clean up of their banking system which could mean that millions of dollars of in public assets could be seized. Ghana’s primary financial regulator, the Securities and Exchange Commission has sanctioned an estimated USD 1.6 billion wipeout as it closed 23 savings and loans firms.

This is another very strong case for crypto assets in Africa as corruption is rife in many of the countries. Lord Mensah, a senior finance lecturer at the University of Ghana, commented;

"It’s cutting across all the finance houses and when it happens like that the government needs to step in to build confidence again. There’s nothing we can do apart from making sure that we create that necessary environment to regain investors’ confidence again."

Many financial commentators in Africa have said Bitcoin is the answer. The only thing stopping mass adoption according to some analysts is the volatility. Surely that is better than having a mass bail-in by the government. I will leave it to you to decide.

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