African Journal of
Business Management

  • Abbreviation: Afr. J. Bus. Manage.
  • Language: English
  • ISSN: 1993-8233
  • DOI: 10.5897/AJBM
  • Start Year: 2007
  • Published Articles: 4173

Full Length Research Paper

Adoption of blockchain technology in the banking sector of Ghana: Opportunities and challenges

Kofi Nyarko Gyimah
  • Kofi Nyarko Gyimah
  • Accounting and Finance Department, Pentecost University, Accra, Ghana.
  • Google Scholar
Emmanuel Asiedu
  • Emmanuel Asiedu
  • Department of Finance, University of Nuertingen, Geislingen, Germany.
  • Google Scholar
Frank Antwi
  • Frank Antwi
  • School of Finance and Economics, Jiangsu University, Zhenjiang, China.
  • Google Scholar

  •  Received: 17 November 2022
  •  Accepted: 16 February 2023
  •  Published: 28 February 2023


The evolution of blockchain technology has drastically altered the provision of banking services. Businesses are currently transitioning to a paperless environment. Robots are taking over labor-intensive jobs, Artificial Intelligence (AI) is assisting in tracking any massive disaster, and biotech is assisting in curing multiple illnesses in a matter of seconds. Blockchain, one of the most important inventions of our time, is poised to assist individuals in reaching new heights of innovation in almost all domains. However, like other technologies, blockchain is confronting unique hurdles that must be overcome before widespread adoption particularly in Ghana and in Africa as a whole. This paper sought to examine the opportunities and challenges of the adoption of blockchain technology in Ghana. A qualitative technique in data gathering was employed for the purpose of this paper. The study used an interview-based technique, aimed to identify and communicate the problems that the banking sector in Ghana experiences in adopting blockchain technology. The interview took place in Ghana's capital, Accra. One representative from the Ghanaian Central Bank and nine from Commercial banks were interviewed. The paper concludes that the implementation of blockchain technology in Ghana's banking sector is being hampered by a lack of international norms or laws, high energy costs, a lack of intermediaries, poverty, corruption, a lack of infrastructure, and a lack of technical support.


Key words: Adoption, banking sector, blockchain technology, financial industry, opportunities, challenges.