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Ghana’s crypto trading volume in P2P exchanges surges by 400% in two years

With its growth in adoption, researchers believe that Ghana has the potential to reach the same adoption levels as Kenya, which ranked 11th, and Nigeria ranked 19th in Chainalysis’ Crypto Adoption Index.

Accra, Ghana / Image by: Wikimedia Commons

Sat, 01 Oct 2022, 01:01 am UTC

A recent study revealed that emerging markets lead crypto adoption worldwide. The African country Ghana, in particular, posted explosive growth in crypto usage in recent years and experts believe that it is poised to catch up to Nigeria and Kenya, the top two countries in the continent in terms of adoption of digital currencies.

This was revealed in a recent report by blockchain analytics platform Chainalysis. With its growth in adoption, researchers believe that Ghana has the potential to reach the same adoption levels as Kenya, ranked 11th, and Nigeria, ranked 19th in Chainalysis’ Crypto Adoption Index, according to Cointelegraph.

According to Ray Youssef, the CEO of peer-to-peer (P2P) platform Paxful, Ghana has the potential to become a leader in the adoption of cryptocurrencies in Africa given the needs of the local population and the country's current growth trends.

Youssef claimed that over the past two years, the overall trade volume from Ghana on their P2P exchange had increased by 400%. The CEO thinks that many Nigerians regard Ghana to be their summer home and are teaching Ghanaians about Bitcoin (BTC) and other cryptocurrencies.

Chainalysis added that the insights offered by Youssef are consistent with their research on Ghana. The analytics company noted that other sub-Saharan African nations, besides Ghana, are anticipated to have higher levels of cryptocurrency usage as many of its citizens continue to confront problems that can be resolved by crypto.

Kwame Oppong, an executive at the Bank of Ghana, said in a recent interview with Cointelegraph at the Africa Money & DeFi Summit that Ghana is testing and getting ready for a central bank digital currency (CBDC). Oppong claims that they are working to establish a CBDC in order to promote financial inclusion across the nation. The executive thinks that because crypto has so many advantages, it has a lot of potential for its usage.

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