A high-profile delegation of eight members, led by Hollywood actor Dr. Idris Elba and Stellar Development Foundation (SDF) CEO Denelle Dixon, recently visited Dr. Ernest Addison, Governor of the Bank of Ghana.
The purpose of the courtesy call was to initiate discussions on a collaborative effort aimed at supporting the creative arts industry.
The non-profit organization, Stellar Development Foundation, known for its mission to utilize blockchain for global economic empowerment, introduced a groundbreaking blockchain-based fintech innovation during the meeting.
This innovation is designed to ensure fair compensation for local creative industry participants whose works are globally commercialized.
Additionally, it seeks to improve access to financing for artists, particularly emerging talents, through the implementation of smart contracts.
The innovative solution addresses the prevailing challenge faced by many African industry players who are often excluded from the global payments ecosystem.
This exclusion results in significant violations of Intellectual Properties (IPs) and copyrights, hindering opportunities for growth and funding for legitimate earnings from the commercial use of their works worldwide.
The discussions between the Stellar Development Foundation and the Bank of Ghana also delved into potential collaborations to pilot technology and policy innovations.
The aim is to enhance the administration of IPs and copyrights, benefiting local content creators in the long run.
Ghana was chosen as a potential pilot country for this groundbreaking initiative due to the Bank’s advancements in central bank digital currency, specifically the eCedi, and its broader expertise in tokenization.
Both the Bank of Ghana and the Stellar Development Foundation expressed their commitment to a long-term collaboration, emphasizing the positive impact it could have on the creative industry, particularly the youth.
