Ghana has ranked 9th among 27 countries in terms of cryptocurrency adoption, according to the latest Cryptocurrency Adoption Index by Finder.com. The study found that Vietnam has the highest percentage of adults owning cryptocurrency at 29%, while Ghana ranks 17% with 3.1 million adults owning some form of cryptocurrency. Ghana comes in behind countries such as Australia, Indonesia, Nigeria, Malaysia, and Russia, but ahead of Hong Kong, Singapore, Brazil, Norway, Canada, the United States, New Zealand, Germany, the United Kingdom, and Japan.

Cryptocurrency, or crypto, is a digital currency that works as a medium of exchange through a computer network and does not rely on central authority. Ownership records are kept in a digital ledger that is computerized and uses strong cryptography for secure transactions. Cryptocurrencies do not necessarily have to be currencies in the traditional sense and are completely digital without physical existence. Most cryptocurrencies use blockchain technology, which has two primary functions: processing transactions and maintaining a database that stores data.

Young people are the main demographic interested in owning cryptocurrency, globally 56.1% of owners are aged between 18 to 34. In Ghana, 70.4% of owners are aged between 18 to 34, with 16.6% aged between 34 to 54 and 13% aged 55 and over. The study also found that Bitcoin is the most popular cryptocurrency, with 52.1% of Ghanaian adults owning it, followed by Ethereum at 18.1%, Dogecoin at 19.7%, and Ripple at 13.4%.

Cryptocurrencies are gaining popularity in Ghana due to their decentralized system, which is particularly attractive to economies facing high inflation rates. As a result, the inflation rate in Ghana has been decreasing for a couple of years. Cryptocurrencies offer convenience, investment opportunities, and are becoming more widely accepted as a means of payment. As a result, more Ghanaians are adopting this interesting mode of transaction, which has great potential in the country and throughout Africa.