Cryptocurrencies Rising in Africa, Ghana Soon Follows Kenya and Nigeria for Crypto Adoption

JAKARTA - Markets in developing countries are now leading the way in crypto adoption. This makes, Ghana, a country located in West Africa, will soon follow other African countries regarding the use of cryptocurrencies.

In a report released by blockchain analytics platform Chainalysis, researchers found that Ghana has the potential to achieve similar levels of crypto adoption to Kenya and Nigeria, countries that rank 11th and 19th in the analytics firm's Global Crypto Adoption Index.

According to Ray Youssef, CEO of peer-to-peer (P2P) platform Paxful, the needs of the local population along with the current growth trends in Ghana demonstrate its potential to become a leader in crypto adoption in Africa.

Youssef said that the total trading volume from Ghana on their P2P exchange has grown by 400% in the last two years. The executive also believes that many Nigerians consider Ghana their home during the summer and educate Ghanaians about Bitcoin (BTC) and crypto.

Chainalysis also noted that the insights provided by Youssef align with their data in Ghana. The analytics firm added that apart from Ghana, other sub-Saharan African countries are expected to have higher rates of crypto usage as many residents continue to face problems that can be solved with cryptocurrencies.

In a recent interview with Cointelegraph at the Africa Money & DeFi Summit, Kwame Oppong, an executive at the Bank of Ghana, stated that the country is testing and preparing a central bank digital currency (CBDC).

According to Oppong, they are pursuing a CBDC to encourage financial inclusion in the country. Executives believe that there is a lot of potential for the use of crypto because of its many benefits.

JAKARTA - Markets in developing countries are now leading the adoption of crypto. This makes, Ghana, a country located in West Africa, will soon follow other African countries regarding the use of cryptocurrencies.

In a report released by blockchain analytics platform Chainalysis, researchers found that Ghana has the potential to achieve a crypto adoption rate similar to Kenya and Nigeria, countries ranking 11th and 19th in the Global Crypto Adoption Index of the analytics company.

According to Ray Youssef, CEO of peer-to-peer (P2P) platform Paxful, the need for local residents along with the current growth trend in Ghana demonstrates its potential to become a leader in crypto adoption in Africa.

Youssef said that the total volume of trade from Ghana in their P2P exchange has grown by 400% in the last two years. Executives also believe that many Nigerians consider Ghana their home during the summer and educate Ghanaians about Bitcoin (BTC) and crypto.

Chainalysis also mentions that Youssef's insights are in line with their data in Ghana. Analytics firms added that in addition to Ghana, other sub-Saharan African countries are expected to have higher crypto usage rates as many residents continue to face problems that can be solved with crypto.

In a recent interview with Cointelegraph on Africa Money & DeFi Summit, Kwame Oppong, an executive at the Bank of Ghana, stated that the country is testing and preparing a central bank digital currency (CBDC).

According to Oppong, they are pursuing CBDCs to encourage domestic financial inclusion. The executive believes that there is a lot of potential for the use of crypto because of its many benefits.