The Securities and Exchange Commission (SEC) will licence independent custodians for gold-backed tokens under the newly passed Virtual Assets Service Providers Act. This regulatory step establishes a framework for digital commodity-backed assets, aiming to broaden financial inclusion and improve market control.
This initiative builds on the regulator’s plans to expand tokenisation into other sectors, including real estate, diamonds, and bauxite. The move seeks to allow ordinary Ghanaians access to high-value assets with small investments. This development signifies Ghana’s intention to leverage blockchain technology for economic growth.
This fits into Ghana’s broader economic strategy to diversify investment opportunities and retain value within its domestic ecosystem. Traditional gold exports often reduce local access to the commodity. Tokenisation will allow the state to keep value within the local market, fostering economic resilience.
Mensah Thompson, Deputy Director-General of SEC, clarified the regulator's approach at The Money Summit 2026. He stated, “What we are building in terms of the rules and framework is to have a post-custody framework in place.” He confirmed the SEC will licence independent custodians who operate under strict custody guidelines.
The framework assigns a distinct dual role to commercial banks. Banks will act as custodians of physical gold bullion and safekeepers of the virtual tokens. Mr. Thompson sees this as a significant opportunity for the banking sector in Ghana, enhancing their participation in the digital asset space.
The SEC will conduct rigorous inspections of vaulting systems, security architecture, and other infrastructure. This ensures that any entity holding physical gold reserves for tokenised products has robust safeguards. The regulator insists on safe custody of assets before issuing any licence.
Gold token holders will soon be able to use their digital holdings as collateral for bank loans. Mr. Thompson highlighted an example: “If you have, let’s say, 100 gold tokens worth maybe GHS 100,000 and I don’t want to sell now, I can collateralise those gold tokens and get financing from the bank.” This creates new liquidity avenues for token holders.
The tokenisation drive extends beyond precious metals. There are opportunities to tokenise real estate, land, and various other minerals. Mr. Thompson noted, “People can tokenise real estate, people can tokenise land. People can also tokenise other real-world assets.” This broadens the scope of potential tokenised assets significantly.
Tokenisation allows for breaking high-value assets into smaller, tradable units. This feature enables retail investors to own a stake in assets like gold with investments as small as GHS 10 or GHS 20. Fractional ownership democratises access to investments previously limited to wealthy individuals or large institutions.
A representative from the Gold Board explained how tokenisation will benefit the domestic economy. Unlike traditional exports, digital assets backed by a physical one remain within the ecosystem. This ensures that value circulates locally, bolstering Ghana’s economic independence and stability.
This regulatory development is a crucial step for Ghana’s financial markets. It will foster innovation and potentially attract new local and international investors. The successful implementation of this framework could position Ghana as a leader in commodity tokenisation in Africa.