Ghana

2.16% of Ghanaians own cryptocurrency

How many cryptocurrency owners are in Ghana?

It is estimated that over 700,000 people, or 2.16% of Ghana’s total population, currently own cryptocurrency.

Cryptocurrencies Market Sentiment in Ghana

Ghana is one of the African nations that relies heavily on mobile money transfers to facilitate and advance financial inclusion nationwide. According to the Payment Systems Oversight Annual Report, there were more than 48 million active mobile money accounts as of December 2021.

The nation’s inflation rate has been rapidly increasing. The rate hit a record 54.1% in January 2023, from 50.3% a month prior. The Ghanaian cedi has also depreciated sharply against many currencies, in particular the U.S. dollar, since the start of 2022. The cedi has declined more than 55% between January and October 2022, among the steepest declines of any currency in the world this year. Because of this, and notably due to pressure on the Ghana cedi, the average Ghanaian is under significant financial stress, which is likely to lead to widespread adoption of cryptocurrencies to reduce the risk of future value losses.

The State of Cryptocurrencies: Africa report indicates that disinflationary cryptocurrency assets that enjoy digital scarcity are one option for citizens to escape the economic crisis in Africa. That report shows that stablecoins pegged to fiat currencies such as the US dollar have historically outperformed African currencies and that African users are much more interested in a US dollar-backed stablecoin than in other cryptocurrencies.

Cryptocurrencies' rising popularity in Ghana

  • West African Country Ghana To Become The Next Cryptocurrency Leader – Oct 2022
    Ghana, one of West Africa's countries, is showing signs of climbing to the top ranks 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.