Cryptocurrency is steadily gaining ground in Ghana, with an increasing number of people embracing digital assets as a modern investment strategy, a remittance solution, or a hedge against inflation.
However, while holding Bitcoin, Ethereum, or stablecoins can be beneficial, most daily expenses, such as transportation, food, and rent, still require Ghanaian Cedis (GHS), either in physical cash or through Mobile Money (MoMo). So, how do you convert your crypto to local currency safely and efficiently?
This beginner-friendly guide by Techpression breaks down the process.
Why Ghanaians are turning to crypto
Before exploring the “how,” it’s important to understand the “why.” Currently, around 17 percent of Ghanaians own cryptocurrency—an impressive number that reflects growing adoption.
The Cedi lost about 19 percent of its value against the U.S. dollar in 2024, prompting many to explore cryptocurrency as a hedge against inflation.
Additionally, Ghana is gearing to implement a regulatory framework by September 2025, a move expected to enhance trust and security in the space.
The most common reasons also include:
Investment – Buying and holding assets like Bitcoin (BTC) or Ethereum (ETH) for long-term gains. Many individuals and institutions view Bitcoin and Ethereum as “digital gold” or valuable digital assets that can appreciate over time. The idea is to purchase these cryptocurrencies and hold them for an extended period, expecting their value to increase due to factors such as scarcity, growing adoption, and technological advancements.
Remittances – Receiving money from abroad quickly and cheaply compared to traditional banking. Traditional remittance services often involve high fees, slow processing times, and can be inaccessible to individuals without traditional bank accounts. Cryptocurrencies, particularly stablecoins that are pegged to the value of fiat currencies like the U.S. dollar, offer a faster, cheaper, and more accessible alternative for sending and receiving money across borders.
Everyday Transactions – Some businesses now accept crypto payments, but most still prefer cash. Although the widespread adoption of cryptocurrencies for everyday purchases is still in its early stages, a growing trend is emerging among businesses that accept crypto payments. This typically involves using payment processors that convert crypto to fiat currency at the point of sale, or directly accepting stablecoins.
Hedging Against Inflation – With the Cedi’s depreciation, crypto offers a store of value. In economies experiencing high inflation and currency depreciation, people often seek alternative assets to preserve their wealth. Cryptocurrencies, especially those with a fixed or predictable supply, such as Bitcoin, are increasingly viewed as a potential hedge against inflation because their value is not subject to the same monetary policies that can devalue fiat currencies.
The idea is that as the local currency loses purchasing power, the value of the crypto asset might increase or at least maintain its value, thus protecting savings.
However, since most daily expenses require physical cash or Mobile Money (MoMo), converting crypto to Cedis is often necessary.
The best ways to convert crypto to cedis in Ghana
There are several reliable methods to exchange your cryptocurrency for Ghanaian Cedis. Each has its pros and cons, so let’s explore them.
1. Over-the-Counter (OTC) Brokers
OTC brokers act as middlemen, helping you sell crypto directly for cash without using an exchange’s order book. This method is fast, private, and good for large transactions.
Platforms like Breet App, a popular OTC service that allows users to instantly sell Bitcoin, USDT, and other cryptocurrencies, are making waves in Ghana. You can send your crypto to Breet’s wallet, and Cedis will be deposited into your bank account within minutes. They claim “zero transaction fees,” but make money from exchange rate spreads.
Also, local OTC dealers in Ghana, including some individuals and businesses, specialize in OTC trades, often found on WhatsApp groups or Telegram. However, it’s essential to be cautious and only deal with trusted parties.
Well, it’s fast; there’s no need to find a buyer, and it’s good for large amounts. But its challenge is slightly higher spreads than exchanges, and the risk of scams when using informal dealers.
2. Peer-to-Peer (P2P) Trading
P2P platforms connect buyers and sellers directly. The exchange holds the crypto in escrow until payment is confirmed, thereby reducing the risk of fraud.
Binance, the largest global exchange with many Ghanaian traders, currently serves as the best P2P platform in Ghana. With the crypto platform, you can sell USDT, BTC, or ETH for Mobile Money or bank transfers. Its advantages include competitive rates and multiple payment options, such as MoMo and bank transfer. Meanwhile, it is also essential to exercise caution to avoid scammers; always confirm payments before releasing cryptocurrency.
Other apps that are also serving Ghanians are Bybit P2P and CoinCola.
3. Local crypto exchanges
Moving forward, several Ghanaian-based exchanges also make it easy to sell crypto for Cedis with support for Mobile Money and bank withdrawals.
Obiex, the crypto exchange designed to make the cryptocurrency experience seamless and rewarding, is topping the local exchange in Ghana. The platform offers instant crypto-to-Cedi conversions with withdrawals to MoMo or bank accounts.
Followed by YellowCard, a licensed Pan-African exchange supporting USDT, BTC, and other coins, and BitAfrika, which allows selling crypto for MoMo or bank transfers.
They are all fast in payouts, have good customer support, and are tailored for Ghanaians. Well, some of the platforms have withdrawal limits or occasional delays.
4. Mobile Money (MoMo) integrated services
Mobile Money is the country’s most popular payment method, and many crypto platforms integrate with MTN MoMo, Vodafone Cash, and AirtelTigo Money.
Here’s how it works. When you’re ready to sell your crypto, simply head to a platform that supports MoMo withdrawals—popular options include Obiex and YellowCard, mentioned earlier.
Instead of choosing a bank transfer, select Mobile Money as your payout method. Your Ghanaian Cedis will be sent directly to your wallet, often within just a few minutes. It’s fast, easy to use, and practically everyone uses it.
5. International exchanges with P2P support
Global exchanges like Binance and Bybit also support GHS transactions through their peer-to-peer (P2P) markets, but you will need to complete Know Your Customer (KYC) verification.
Then go to the P2P section and list your crypto for sale in GHS. Lastly, choose a buyer, confirm payment, and release crypto from escrow.
Surprisingly, it offers high liquidity and competitive rates compared to local exchanges; however, it may take longer for fiat withdrawals than local exchanges.
Important factors when converting crypto to Cedis
When selling cryptocurrency, it’s important to understand how fees and exchange rates work. Some platforms may advertise “zero fees,” but they often generate revenue through the spread—the difference between the buying and selling prices.
That’s why it’s wise to compare rates across several platforms before making a transaction. Also, be aware of hidden charges, such as network fees, especially when transferring cryptocurrency.
Before you can trade on most regulated platforms like Binance, YellowCard, or Obiex, you’ll need to verify your identity. The more verification you complete, the higher your withdrawal limits become.
For example, an unverified YellowCard account may be limited to GHS 1,350 per day, while a fully verified Tier 3 user can transact up to GHS 300,000 daily.
Security is key when dealing with crypto. Always enable two-factor authentication (2FA) to add an extra layer of protection to your accounts.
What’s next for crypto in Ghana?
The crypto sector is evolving in the region, with the Bank of Ghana (BoG) planning to regulate digital assets by September 2025 under the Virtual Asset Providers Act. This will bring more security and legitimacy to the industry.
Additionally, the government is working on its central bank digital currency (eCedi), which could further integrate cryptocurrency with traditional finance.
In conclusion, converting cryptocurrency to Cedis in Ghana is easier than ever, thanks to over-the-counter (OTC) brokers, peer-to-peer (P2P) platforms, and local exchanges. Whether you prefer Mobile Money, bank transfers, or direct cash deals, there’s a method that suits your needs.
As the crypto ecosystem grows, more seamless and regulated options will emerge. For now, the methods above are the best bet for turning digital coins into spendable Cedis.
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