Ghana ranked 4th in Africa’s Cryptocurrency Index

 A report by Triple-A, a blockchain company, says close to a million Ghanaians owned a cryptocurrency in 2021, making it the fourth in Africa in the 2021 World Cryptocurrency Index.

According to the report, it attributes the country’s high volumes of crypto to its endorsements of digital currencies.

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The report cited the Central Bank of Ghana’s launch of “a regulatory sandbox that prioritized blockchain-based companies including cryptocurrency startups” as an example of factors that may have boosted the surge. 

Speaking to Charles Ayitey on the Market Place, Research and Development Economist based in Nigeria, Gospel Obele, projected more growth in cryptocurrency transactions in the months ahead amid high inflation and the thirst for a stable and decentralized investment market by millennials’.

“This should tell you that Ghana and the rest of Africa are ready for a new payment pool as a plan B to the growing economic instability.”

Nigeria and Ghana are racing to adopt a central bank digital currency as they look to erode the popularity of cryptocurrencies in West Africa’s two largest economies.

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Central banks in both countries have partnered with foreign financial tech companies to create digital versions of their currencies, joining the global train of countries exploring the initiative.

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Nigeria, Africa’s largest economy, will launch its eNaira digital currency on October 1, while Ghana is on the trial of the e-Cedi.

“The current monetary and financial system in various countries differ. That may affect the level of alignment for a single currency. So indeed, these centralized currencies could diminish gains made, if any, in achieved a single currency,” Economist Obele stated.

Only four African countries – Kenya (8.52%), South Africa (7.11%), Nigeria (6.31%), and Ghana (3.01%) — have higher proportions of their respective populations that own crypto.

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