Blockchain technology is increasingly transforming African economies by providing innovative solutions in finance, energy, and agriculture. Its adoption boosts transparency, streamlines transactions, and accelerates digital transformation.
On Monday, February 17, cryptocurrency company Tether announced it signed a memorandum of understanding with the government of the Republic of Guinea. The strategic collaboration aims to establish a framework for the adoption of blockchain and peer-to-peer technologies to drive economic growth and position Guinea as a key player in Africa’s digital transformation.
"We are thrilled to collaborate with the Republic of Guinea to potentially unlock the immense potential of blockchain and digital technologies across Africa. This MoU reflects our commitment to helping countries build resilient digital economies. Together, we aim to implement efficient blockchain solutions that benefit both public and private sectors, paving the way for economic growth and establishing Guinea as a leader in technological innovation,” said Paolo Ardoino, CEO of Tether.
The agreement focuses on education, innovation, and sustainable technological practices. It includes the introduction of educational programs in both the public and private sectors to raise awareness, enhance skills, and develop local talent in digital technologies. This framework is expected to facilitate blockchain adoption in Guinea and create an environment conducive to innovation.
Tether has undertaken several similar initiatives internationally. The company has been involved in the Lugano Plan in Switzerland, aimed at promoting blockchain adoption, as well as educational projects on digital assets in Turkey and the Middle East.
This initiative is part of the Simandou 2040 project, launched by President Mamadi Doumbouya, which places technology at the core of the country’s development strategy. The agreement follows a recent meeting between the Minister of Posts, Telecommunications, and the Digital Economy, Rose Pola Pricemou, and a Tether delegation. The meeting aimed to establish a favorable framework for implementing the collaboration.
In Guinea, where digital transformation is underway, blockchain adoption could play a crucial role in financial inclusion. This technology offers solutions tailored to local realities, such as facilitating cross-border payments, reducing transaction costs, and securing financial exchanges. With a low banking penetration rate, digital assets and blockchain present a significant opportunity to modernize financial systems and promote more inclusive growth.
Beyond finance, blockchain can also contribute to sustainable development in Africa. In agriculture, it enables tracking product value chains, ensuring compliance with sustainable practices and certification. Farmers can thus prove that their products are organic and fair trade, gaining access to new markets and increasing their incomes.
In the energy sector, blockchain facilitates the management of decentralized power grids and promotes the adoption of renewable energy. Blockchain-based microgrids make it possible to monitor energy production and consumption in real time, improving electricity access in rural areas while reducing dependence on fossil fuels.
By Samira Njoya,
Editing by Sèna D. B. de Sodji
