As emerging markets take a leading role in cryptocurrency adoption, Ghana, a country located in West Africa, could soon catch up with other African nations regarding cryptocurrency usage.
In a report published by the blockchain analytics platform Chainalysis, researchers found that Ghana has the potential to achieve cryptocurrency adoption levels similar to Kenya and Nigeria, countries ranked 11th and 19th in the global cryptocurrency adoption index.
According to Ray Youssef, CEO of the peer-to-peer (P2P) platform Paxful, the needs of the local population, along with current growth trends in Ghana, indicate the country’s potential to become a leader in cryptocurrency adoption in Africa.
Youssef stated that Ghana’s total trading volume on their P2P exchange has increased by 400 percent over the last two years. The CEO also believes that many Nigerians consider Ghana their home during the summer and educate Ghanaians about Bitcoin and crypto.
Chainalysis also mentioned that the insights provided by Youssef align with their data on Ghana. The analytics firm added that, besides Ghana, other sub-Saharan African countries are expected to have higher levels of crypto usage as many residents continue to face challenges that could be addressed using crypto infrastructure.
In a recent interview at the Africa Money & DeFi summit, Kwame Oppong, CEO of the Bank of Ghana, shared that the country is testing and preparing for a central bank digital currency (CBDC). According to Oppong, they are pursuing a CBDC to promote financial inclusion in the country. The CEO believes there is significant potential for crypto usage due to numerous advantages.
