Blockchain technology prospects in transforming Ghana’s economy: a phenomenon-based approach

ABSTRACT

A phenomenon-based approach is used to learn more about how blockchain technology could improve Ghana’s economic sectors in terms of cost savings, efficiency, and reliability with reduced risks. With our proposed blockchain-enabled frameworks, we describe how blockchains’ Internet-of-Things (IoTs) and Distributed Ledger Technologies (DLTs) might reduce transaction, contract, and monitoring-related costs in the Agriculture & Agro-processing sector’s supply chains. We also demonstrate how Smart Contracts (SMCs) and Distributed Ledger Technologies (DLTs) can improve time and cost-based efficiencies in local procurements, logistic contract execution, and supply chains across the Mining & Minerals processing sector. With the help of IoTs, DLTs, and SMCs, information asymmetries in the finance sector can be reduced to improve the financing for Small and Medium-sized Enterprises (SMEs). The Technological-Organizational-Environmental (TOE) elements remain crucial in the adoption of blockchain technology. As a result, it’s critical to provide adequate frameworks for blockchain adoption.

KEYWORDS:

• Blockchain technology
• emerging economies
• phenomenon-based approach
• blockchain-enabled frameworks
• technology organization environment (TOE) framework

Acknowledgements

We would like to thank Mrs. Millicent Adu-Damoah and Dr. Lydia Asare-Kyire for providing proofreading support to assist us to complete this work.

Disclosure statement

No potential conflict of interest was reported by the author(s).

Correction Statement

This article has been corrected with minor changes. These changes do not impact the academic content of the article.

Additional information

Funding

This research is financially supported by The Science & Technology Department of Sichuan Province Technology Cooperation Project [grant number 2019YFH0004].

Notes on contributors

Elijah Asante Boakye

Elijah Asante Boakye is a Ph.D. candidate in the School of Management and Economics at the University of Electronic Science and Technology of China. He has been a researcher in Stock Markets, Corporate and Entrepreneurial Financial Systems since 2016. His current research is concerned with Blockchain Technology, FinTech, and Small Business Development. He is currently working on some research projects with the Ghana Enterprises Agency (GEA, Ghana) and the Accra Digital Center (ADC, Ghana).

Hongjiang Zhao

Zhao Hongjiang is an Associate Professor (Finance) in the School of Management and Economics at the University of Electronic Science and Technology of China. He received his Ph.D. degree from the Southwest University of Finance and Economics (SWUFE), Chengdu, China in 2006. He has contributed immensely to research in generalized virtual economies, entrepreneurial financial systems, FinTech, financial markets, and service innovations and has published more than thirty research articles. He has chaired six research grants at both the national and provincial levels in China. He has authored many books and has been frequently invited to give keynote addresses at various international conferences.

Bright Nana Kwame Ahia

Bright Nana Kwame Ahia is a Ph.D. candidate in the School of Management and Economics at the University of Electronic Science and Technology of China. Since 2006, He has been a researcher in Capital Markets, Banking and Finance, and Corporate Finance. His current research is concerned with Research & Development Investments in economics sectors across emerging economics, stock market dynamics and investment appraisals, and decision making.