A report released by blockchain analytics platform Chainalysis, indicated that Ghana has the potential to achieve crypto adoption levels similar to Kenya and Nigeria, countries that ranked 11th and 19th in the analytics firm’s Global Crypto Adoption Index.
The analytics firm added that apart from Ghana, other sub-Saharan African countries are expected to have higher levels of crypto usage as many residents continue to face issues that could be solved by crypto.
CEO of Bitcoin trading platform Paxful, Ray Youssef agreed with Chainalysis, saying that the current growth trends in Ghana show it has the potential to be a leader in terms of crypto adoption.
According to Ray Youssef, the local population’s needs along with the current growth trends in Ghana show its potential to become a leader in crypto adoption in Africa.
Youssef said that the total trading volume from Ghana in their P2P exchange has grown by 400% in the last two years, adding that many Nigerians consider Ghana as their home during the summer and are educating Ghanaians on Bitcoin (BTC) and crypto.
In a recent interview at the Africa Money & DeFi Summit, Head of Fintech and Innovation at the Bank of Ghana, Kwame Oppong stated that the country is testing and preparing for a central bank digital currency (CBDC).
According to Oppong, they are pursuing a CBDC to foster financial inclusion in the country, saying that there is a lot of potential for crypto use due to its many benefits.
Meanwhile, the Bank of Ghana has included blockchain innovation in its recently launched Regulatory Sandbox to allow start-ups with fresh innovation in blockchain to test their products under a regulated environment.
Recently, Ghana’s communications minister, Urusula Owusu-Ekuful and internet pioneer Prof. Nii Narku Quaynor have called on regulators to lead the way for Ghana to adopt cryptocurrency sooner than later.