Africa must become creator of digital technologies — Promak CEO

Africa must shift from merely using digital technologies to becoming a producer, argues Promak CEO Peter Frimpong-Manso. Responsible innovation, regulation, investment and robust data systems are crucial for the continent to reap tangible gains from digital transformation, he emphasized during the Digital Assets Summit Africa (DASA) 2026 kickoff in Accra.

Blockchain, stablecoins, tokenization and digital infrastructure could bolster financial inclusion, open investment prospects and generate jobs across the region, according to Frimpong-Manso. Collaboration among regulators, policymakers, financial institutions, tech firms, investors, academics and young people is needed to forge a trustworthy digital ecosystem capable of reshaping Africa's economic landscape.

Philip Kwaw Sebvabe, Head of the Virtual Assets Department at the Bank of Ghana, noted that fostering innovation hinges on public trust, which, in turn, requires clear and effective rules. Ghana is actively engaged in the burgeoning virtual-asset market, with millions of people and substantial financial flows already involved; therefore, implementing a sound legal and regulatory framework for virtual asset service providers is vital to safeguard consumers while enabling responsible innovation, Sebvabe stated.

The sandbox approach should not be misconstrued as blanket approval or endorsement; rather, it provides a controlled environment for testing business models and safeguards. To generate genuine economic value, Ghana should aim to build a digital-asset market rather than merely expanding the token count. Faster cross-border payments, reduced settlement costs, improved trade, tokenization and skilled job creation are among the potential benefits, according to Sebvabe.

However, he cautioned that innovation absent proper controls could amplify financial, cybersecurity and illicit-finance risks. Sebvabe urged industry participants to embed consumer protection in their offerings, while regulators should offer clarity and coordination. Meanwhile, the Africa Centre for Statistics at UNECA's Director, Professor Samuel Kwabina, stressed that dependable and integrated data systems are equally essential to Africa's transformation, particularly in enhancing public-sector accountability and development planning.

Outdated population census data hampers accurate understanding of demographic shifts, effective planning, and resource allocation, stated Prof. Kwabina. A continent-wide microdata architecture linking national identification, civil registration, health, education, finance, procurement, and other systems is required to generate comprehensive and usable development data.

Kwabina also called for addressing institutional power struggles, resource constraints, human-capacity gaps, and data-sharing challenges, while prioritizing data sovereignty, public interest, productivity, and accountability.