The West African country of Ghana is set to become the next crypto leader
When it comes to crypto adoption, developing countries are not far behind. Emerging crypto markets in West Africa, such as Nigeria and Kenya, are leading the way in adoption. Chainalysis reported that Nigeria and Kenya ranked in the top 20 countries in the crypto adoption index.
Several countries in West Africa join the league. Ghana, one of the West African countries, is showing signs of climbing to the top ranking in digital asset adoption. CEO of Paxful, a global peer-to-peer exchange for digital assets, 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 can achieve a similar adoption rate for digital assets as Nigeria and Kenya. However, Nigeria and Kenya ranked 11thth and 19th in Chainalysis’ Global Crypto Adoption Index.
Ghana produced 400% increase in crypto trading volumes on Paxful in 2021
Ray Youssef said Ghana’s growth rate with the needs of its citizens 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 are contributing to the growing awareness of digital assets in the country.
Chain analysis confirmed that Youssef’s observation was consistent with the data on Ghana. The firm further stated that crypto adoption will increase in other sub-Saharan African countries as usage awareness increases.
At the African Money and Defi Summit, Kwame Oppong, a head of the Bank of Ghana, told reporters that the country is preparing to launch the CBDC (E-Cedi). Oppong said the CBDC introduction is to encourage financial inclusion in Ghana. He is convinced that Ghana has potential in exploring the digital sector, which will benefit its citizens.
Oppong further disclosed that offline pilots for E-Cedi have started with a town called Sefwi Asawo. The leader said that introducing a CBDC would save costs like instant payments in the country.
Crypto stickers spark career path for Ghanian National
Meanwhile, a Ghanaian identified as Daniel Karikari has been pursuing a career in the blockchain industry. Daniel told reporters that he started out as a cleaner and office assistant at a digital assets startup.
He became familiar with words like digital assets and blockchain on stickers in the offices while working. The stickers sparked his interest in starting a career in the digital sector. Daniel said he became curious about the digital sector and began researching with borrowed laptops during breaks at work.
He plucked up the courage to talk to the manager after gathering some knowledge about digital currencies, which led to a career opportunity. The manager, impressed by Daniel’s determination, allowed him to be trained and he joined the marketing department as a junior specialist. Daniel is currently working with the marketing team of a top crypto exchange in Dubai.
Featured image from Pixabay, chart from TradingView.com
