West African Country Ghana To Become The Next Crypto Leader


In terms of Crypto Adoption, the developing countries are not behind. Emerging crypto markets in West Africa, such as Nigeria and Kenya, are leading the fronts in adoption. Chainalysis reported that Nigeria and Kenya ranked among the top 20 countries in the crypto adoption index.

More countries in West Africa are joining the league. Ghana, one of the West African countries, is showing signs of climbing to the top rank in digital asset adoption. The CEO of Paxful, a global peer-to-peer digital asset exchange, Ray Youssef, said the country is showing tremendous growth in digital sector adoption.

Chainalysis submitted a report ranking countries according to their adoption levels. The report shows that Ghana might achieve similar digital assets adoption rate to Nigeria and Kenya. However, Nigeria and Kenya ranked 11th and 19th in the Chainalysis global crypto adoption index.

Ghana Produced 400% Increase In Crypto Trade Volumes On Paxful In 2021

Ray Youssef said Ghana’s growth rate with the needs of its residents indicates it could emerge as a leader in African crypto adoption. The CEO further stated that Ghana produced a 400% increase in trading volume on the Paxful platform in 2021 than 2020. He also believes that Nigerian tourists in Ghana contribute to the increasing digital asset awareness in the country.

Chainalysis confirmed that Youssef’s observation tallied with the data on Ghana. The firm further stated that crypto adoption would increase in other sub-Saharan African countries as usage awareness increases.

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At the African Money and Defi Summit, Kwame Oppong, a Bank of Ghana executive, told reporters that the country is preparing to launch its CBDC (E-Cedi). Oppong said the CBDC introduction is to encourage financial inclusion in Ghana. He is confident that Ghana has potential in digital sector exploration, which would benefit the citizens.

Oppong further revealed that offline pilots for the E-Cedi have started with a town called Sefwi Asawo. The executive said introducing a CBDC would save costs as instant payments in the country.

Crypto Stickers Sparks Career Path For Ghanian National

Meanwhile, a Ghana national identified as Daniel Karikari has pursued a career in the blockchain industry. Daniel told reporters he started as a cleaner and office assistant at a digital asset startup firm.

West African Country Ghana To Become The Next Crypto Leader
Cryptocurrency market grows by over 2% | Source: Crypto Total Market Cap on TradingView.com

He became familiar with words such as digital assets and blockchain on stickers in the offices while working. The stickers triggered his interest in starting a career in digital sector. Daniel said he became curious about digital sector and started researching with borrowed laptops during his break time at work.

He summoned the courage to speak to the manager after gathering some knowledge on digital currencies, which led to his career opportunity. The manager, impressed with Daniel’s determination, allowed him to obtain training, and he joined the marketing department as a junior specialist. Daniel currently works with the marketing team of a top crypto exchange in Dubai.

Featured image from Pixabay, chart from TradingView.com

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