How can we solve the problem of exchange in Ghana’s Bitcoin community?

Author and Afriworks founder Agyenim Boateng Boniface, alongside associate Richmond Asumin.

When I first read about Bitcoin, the feeling of euphoria and my expectations for it were unimaginable. But alas, things are not going the way I thought they would.

I was happy because I thought Bitcoin was going to minimise the menace caused by Ghana’s central bank and also reduce unemployment levels, particularly among our youth. Those who have so much potential and could be using Bitcoin to turn their fortunes around but are instead putting their heads in the sand because of the challenges associated with Bitcoin in Ghana.

Bitcoin is not currently a reliable medium of exchange here. The nearest Bitcoin ATM is 3,000 miles away in Johannesburg, while Ghana’s first crypto-company launched as recently as 2014. As a result, the gap between those who solely depend on fiat money as medium of exchange and those who use Bitcoin in Ghana is awfully wide. 

To help the youth open the doors of success, I’m calling on all ye’ members in Bitcoin communities across the world to read the three challenges I have highlighted below and to offer your warm assistance.

  1. The problem of exchange. You may have Bitcoin but changing it into fiat money is a big headache for all of us here in Ghana. The solution to this is the remittance center.
  2. Problem of trust. You want to work with us but you don’t trust us. Isn’t that crazy? A successful partnership is built on the foundation of trust.
  3. Problem of buyers. We have more than enough items to sell but there are no buyers. A healthy trade is built on the principles of exchange. We must begin to spend our own Bitcoins if we are ever to hope to be able to receive them. If we do, it will create a win-win situation for us all. A healthy Bitcoin exchange will also go a long way to suppressing the wicked machination of the central bank and enhance our people’s employability.

My organisation, Afriworks, was the first shop in Africa to accept Bitcoin. Four years on and we are still fighting for a brighter future.

Working closely with Africa Youth Peace Call, the people who first introduced me to Bitcoin at a Liberty Seminar, BitUnit Foundation and Common Sense Foundation, we hope that Ghana will not have to wait too much longer to break free of fiat money and its limitations. We are all ‘Bitcoiners’ in Ghana, and we should all be fighting to make our currency a nationally accepted medium of exchange.

Agyenim Boateng Boniface is the founder of Afriworks, an online shop dealing in African goods via Bitcoin.

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One Response to How can we solve the problem of exchange in Ghana’s Bitcoin community?

  1. Asumin September 21, 2015 at 12:11 pm #

    You have hit the Nail bro ……I think it’s time for us to build a greater and trusted network with our friends outside Africa, for them to start buying some of our locally made products in Africa with their bitcoin. And I know with this it will set a big example and multivat other merchants in Africa to start selling their products in BTC as well.

    Afriworks company has done a great work for being the first company in Africa to sell their products in btc, and also I think there should be many organizations in Africa to start creating bitcoin awareness. I think with this the bitcoin tree in Africa is going to grow big.

    Unity we Stand…..Africa Africa we the young cheaters are here to fight for the right for Africa and we are also happy to have good friends around the world who are promoting and helping to build a better Africa ….lets do this lets make a great legacy together.

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