Caught in the grip of economic hardship and mass unemployment, thousands of young Ghanaians are embracing cryptocurrency not for investment, but for survival. Yet, the growing trend is being marred by scams, digital fraud, and a glaring lack of regulatory oversight, raising concerns that the nation may be heading toward a financial disaster.
One such victim is 39-year-old Daniel Puplampu, who lost ¢72,000 (approximately $5,800) in what turned out to be a crypto scam on Telegram. Lured by promises of a 300% return in just 21 days through a so-called “crypto mining platform,” Puplampu invested his life savings and a loan from his cousin abroad, only for the app to disappear without a trace. “It felt like my soul was taken away,” he says, echoing the sentiments of many others who have fallen prey to similar schemes.
Driven by high inflation, weak job prospects, and currency instability, Ghana’s youth have increasingly turned to digital finance. Between July 2023 and June 2024, crypto transactions in the country hit nearly $3 billion, with over three million active users representing about 17% of Ghana’s adult population. Despite the cedi appreciating by 48% over the past year, economic recovery has been slow, and youth unemployment remains critically high.
For many, platforms like Binance, MetaTrader, and Pi Network have become household names. Young Ghanaians are engaging in crypto mining, spot trading, and copy trading — often mimicking online influencers or “mentors” in Telegram and WhatsApp groups. While some make short-term gains, the lack of legal protections and widespread misinformation leave many exposed to fraudulent schemes and massive losses.
In Kumasi, 30-year-old Awal Mohammed, a former delivery rider, admits to losing over ¢40,000 through a Ponzi scheme disguised as a forex trading group. Still, he continues trading online, hoping for a breakthrough. “It’s risky, but it’s either this or starve. Our leaders failed us. No jobs, no future. Crypto gives hope,” he says.
Women are also joining the digital gold rush. Priscilla Kumi, a 28-year-old from Sunyani, turned to crypto after losing her retail job. Initially earning profits, she later lost ¢8,000 to a scam. “I cried for days,” she recalls, “but now I’ve learnt how to research. I’m back trading Bitcoin and coaching others.” Today, she earns more than most entry-level jobs in the formal sector, making about ¢1,500 per month.
Despite its surging popularity, crypto remains unregulated in Ghana. Commercial banks and licensed institutions are barred from facilitating digital asset transactions, pushing most activities underground via mobile apps and P2P networks. Acknowledging the trend, Bank of Ghana Governor Johnson Asiama recently announced plans to license and regulate crypto platforms by September 2025. The central bank will form a specialised unit to supervise the sector alongside the Securities and Exchange Commission and the Ghana Revenue Authority.
But concerns are mounting about Ghana’s preparedness to deal with the darker side of the crypto boom. The rise in online scams, including the recent hijacking of President John Mahama’s X (formerly Twitter) account to promote a fake giveaway, has exposed the country’s vulnerability. Cybersecurity expert Kwame Osei Antwi warns that the absence of digital security laws and a national education campaign is putting lives and livelihoods at risk. “Crypto isn’t evil,” he says. “But unchecked, it becomes a breeding ground for exploitation.”
Ghana’s Economic and Organised Crime Office (EOCO) has made limited progress in tackling fraud, recently freezing a wallet linked to an online Ponzi scheme. However, a senior EOCO official admitted that the agency lacks the training and technology to effectively track wallets or prosecute cyber criminals, who often operate across borders.
Ghana’s experience reflects a broader West African trend. The region recorded $125 billion in crypto transactions between 2023 and 2024, with Nigeria leading at $59 billion. South Africa has already licensed more than 240 crypto platforms to manage both growth and risk, offering a potential model for Ghana to follow.
As Ghana prepares to formalize its crypto economy, it faces a critical question: Can the nation balance innovation and opportunity with the urgent need to protect its most vulnerable citizens? Without swift regulation, education, and enforcement, the very tool offering hope to a generation may also become its undoing.
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