- Currently, South Africa still holds the majority of the shares at 40%, but soon, experts speculate that Ghana will overthrow SA by at least 15% per annum in terms of growth rate
- According to Chainalysis, Ghana’s crypto ecosystem shows more promise and potential within the crypto market
- Since blockchain technology and crypto adoption is at an all-time high, Ghana’s crypto ecosystem will still grow considerably
With the ring growth rate of crypto adoption in Africa, many of countries in the continent are opting to pioneer this shift. Currently, there are five significant countries within the African crypto market; they mainly include South Africa, Kenya, Nigeria, Egypt and Ghana.
All these countries have rapidly broadened the fintech market within their economy. They also comprise the top crypto owners in Africa, all thanks to the blockchain technology applied to their system. This stiff competition appears to shift as Ghana’s crypto ecosystem has acquired a new driving force.
They have expressed their interest in becoming Africa’s top tech hub.
Ghana’s claim to overthrow Kenya and Nigeria
According to the blockchain analytics platform, Chainalysis, Ghana’s crypto ecosystem shows more promise and potential within the crypto market.
Crypto adoption has increased rapidly over the years and has presented opportunities for many innovative African Minds. Currently, Ghana has housed multiple blockchain-based projects within African crypto money. According to Ray Yousseff, the CEO of peer-to-peer (P2P) platform Paxful stated that Ghana has the potential to grow.
It merely requires fully utilizing the needs of the local individuals. He further explained that the total trading volume from Ghana in their P2P exchange has grown by 400 % within two years.
Also, Read Yellow card: Nigeria’s leading fintech expands its African reach.
Several actors have contributed to the increase in crypto adoption in the country, more so simply by associating with its sister nation Nigeria. More and more Ghanaians receive some form of crypto education from Nigerians.
Ghana’s crypto startups
Ghana’s crypto ecosystem’s steady growth is a testament to its utilization of blockchain technology. Below are a few examples of Ghana-based blockchain projects that have assisted its crypto adoption rate.
- BenBen Blockchain Development Labs – BenBen is a Ghananian-based land tech firm that builds digital solutions implemented between African land and property markets. It utilizes its distributed ledger technology framework to create trusted, transparent and integrated land transaction environments. The central concept behind BenBen is to create a secured digital environment that automates the land/real-estate management processes. It mainly aids the African crypto market by assisting its fintech section.
- BTCGhana – is a standard crypto exchange platform that incorporates blockchain technology to provide crypto coins to its users. It generally connects its locals to the African crypto market, exposing them to new opportunities that crypto offers.
- eBitcoinics – is also a standard platform that aids users in learning, storing, sending, receiving, swapping, paying and buying goods and services through crypto coins.
- Yellow Card – is an upcoming cryptocurrency company focusing mainly on Ghana. The developers of Yellow Card have expressed their interest in increasing crypto adoption within it by educating and creating awareness of bitcoin and blockchain to innovative minds. Despite being Nigerian-based, Ghana’s crypto ecosystem has significantly boosted by introducing the means necessary for supporting its learning phase.
Ghana ranked fastest growing Fintech Market
The final contributing factor that has raised Ghana’s potential exponentially is its investment in the fintech market. Currently, South Africa still holds the majority of the shares at 40%, but soon, experts speculate that Ghana will overthrow SA by at least 15% per annum in terms of growth rate.
This fact speaks volumes since Nigeria and Egypt are only expected to grow by 12 % over the same period. Kenya is still leading as the largest fintech market in Africa. Although with Ghana’s growth rate, that might be a thing of the past. By 2025 Ghana’s fintech market is estimated to be valued at $18.6 billion, which will be eight times what it has currently.
Since blockchain technology and crypto adoption is at an all-time high, Ghana’s crypto ecosystem will still grow considerably. By 2025, we will likely see a new big league in the African crypto market.