Cryptocurrency adoption in Ghana has risen, according to the latest data from Finder.com. 20% of Ghanaian internet users aged 18+ currently own cryptocurrency, up from 17% late last year*.
Men in Ghana are more likely to own cryptocurrency. 60% of crypto holders are men and 40% are women.
Bitcoin (54%) is the most popular coin among Ghanian crypto owners, followed by Ethereum (20%).
Cryptocurrency specialist at Finder, James Edwards, says he’s surprised adoption didn’t decline in the last several months given the considerable drop in the crypto market.
“We saw huge drops in the price of Bitcoin at the start of May and June which led to declines in crypto ownership in other markets. However it looks like Ghana is bucking the trend with cryptocurrency adoption increasing. It’s likely Ghanians are looking to cryptocurrency as a hedge against inflation and a weakening local currency.
Edwards warns new investors that investing in cryptocurrency isn’t for the faint hearted.
“Cryptocurrency is a hugely volatile industry and you should never invest money you can’t afford to lose. You should also pay attention to the cost of trading to make sure any gains aren’t negated by fees you need to pay as you buy and sell.”
“Remember that whenever you invest your capital is at risk – so never invest what you can’t afford to lose”.