The Bank of Ghana (BoG) reports asset tokenisation will significantly deepen Ghana's capital markets and expand access to finance. This innovative approach aims to improve financing efficiency and broaden investment opportunities within the country. Over 3 million Ghanaians are currently active in the rapidly growing digital asset ecosystem.
First Deputy Governor of the Bank, Dr. Zakari Mumuni, confirmed this at the Standard Chartered Digital Assets Summit in Accra. He stated digital assets have evolved into a vital part of the nation's financial landscape. Dr. Mumuni highlighted tokenisation could support capital formation, cross-border trade, and financial inclusion. He emphasized that digital assets are already shaping African finance.
This initiative fits into Ghana’s broader strategy to integrate digital asset innovation into a regulated framework. Ghanaian authorities have avoided outright bans or regulatory inaction. Instead, they have engaged market participants to develop comprehensive regulatory frameworks for digital assets. This approach aims to balance innovation with financial stability and consumer protection.
Dr. Mumuni noted that previous digital asset adoption outpaced regulation for too long. Millions of citizens participated in a market operating outside official oversight. He stressed that regulation is a mechanism for safe and sustainable innovation, not a constraint. The Virtual Asset Providers Act, 2025 (Act 1154), provides a legal foundation for this new approach.
The BoG, Securities and Exchange Commission (SEC), and Financial Intelligence Centre (FIC) are now collaborating closely. This collaboration enhances oversight of the emerging digital asset industry. The central bank also established a dedicated Virtual Assets Department to test new technologies. These tests are conducted through its regulatory sandbox programme before finalising longer-term arrangements.
Dr. Mumuni also identified cross-border payments as another area for significant economic benefits. Digital settlement systems can reduce transaction costs and improve payment speeds. These systems will support the African Continental Free Trade Area (AfCFTA) by facilitating easier transactions across African markets. Digital financial infrastructure can also extend services to underserved individuals and businesses, similar to mobile money's impact.
However, Dr. Mumuni reiterated that digital innovation must complement existing monetary systems. Ghana’s eCedi, a proposed central bank digital currency, aims to expand financial inclusion and payment efficiency. It also seeks to preserve the Ghana cedi's role. Dr. Mumuni stressed that any digital development must strengthen public money, not compete with it. He called for increased collaboration among regulators, financial institutions, and technology firms across Africa. This collaboration is crucial for developing interoperable and integrated digital financial systems.