The Bank of Ghana (BoG) anticipates that the tokenisation of real-world assets will deepen capital markets, improve financing efficiency, and broaden access to investment opportunities. This assessment comes as regulators aim to integrate digital asset innovation within a robust regulatory framework. Approximately 3 million Ghanaians already participate in the digital asset ecosystem, which has generated billions of dollars in activity.
Dr. Zakari Mumuni, the First Deputy Governor of the Bank, shared this view at the Standard Chartered Digital Assets Summit in Accra. He stated that digital assets have transformed from a niche interest into a significant part of Ghana's financial landscape. This evolution offers strong potential for capital formation, cross-border trade, and greater financial inclusion. The tokenisation process involves converting physical or financial assets into digital tokens on blockchain platforms.
This initiative fits within a broader context of rapid digital asset adoption across Africa. Policymakers are actively seeking to balance innovation with critical concerns like financial stability, consumer protection, and market integrity. Ghana has adopted a balanced approach, avoiding both outright bans and regulatory inactivity in response to this growth. Instead, authorities are engaging with market participants to develop formal regulatory frameworks.
“The question is no longer whether digital assets will shape African finance. They already are,” Dr. Mumuni said. He further noted that millions of citizens previously participated in a market operating largely outside official regulation. This situation prompted the enactment of the Virtual Asset Providers Act, 2025 (Act 1154). This Act provides a legal foundation for virtual asset service providers in Ghana.
Ghanaian authorities have also strengthened collaboration among the BoG, the Securities and Exchange Commission, and the Financial Intelligence Centre. This concerted effort aims to enhance oversight of the emerging industry. The central bank has additionally established a dedicated Virtual Assets Department. It continues to test new technologies through its regulatory sandbox programme before finalising long-term regulations. Dr. Mumuni emphasised that regulation should foster innovation safely, not constrain it.
Beyond capital markets, digital infrastructure holds significant promise for cross-border payments. Digital settlement systems can reduce transaction costs and speed up payments. This supports the African Continental Free Trade Area by simplifying trade across African markets. Digital assets also connect to wider financial inclusion goals, mirroring the success of mobile money. New digital financial infrastructure can serve individuals and businesses currently without adequate banking access. However, this digital innovation must complement Ghana's sovereign monetary system. The eCedi, Ghana's proposed central bank digital currency, aims to expand financial inclusion and payment efficiency while maintaining the cedi’s role.
Dr. Mumuni urged greater collaboration among regulators, financial institutions, and technology firms across Africa. He stressed that interoperability and integrated digital financial systems require coordinated policy decisions. Such collaboration is crucial for strengthening public money within a robust digital ecosystem.