Tokenisation to boost capital market depth, expand access to finance — BoG

By Joshua Worlasi AMLANU

The Bank of Ghana (BoG) sees the tokenisation of real-world assets as a potential tool to deepen capital markets, improve financing efficiency and broaden access to investment opportunities, as policymakers seek to bring digital asset innovation within a regulated framework.

Speaking at the Standard Chartered Digital Assets Summit in Accra, First Deputy Governor of the Bank, Dr. Zakari Mumuni, said digital assets have evolved from a niche market into a significant component of the country’s financial ecosystem, with the potential to support capital formation, cross-border trade and financial inclusion.

“The question is no longer whether digital assets will shape African finance. They already are,” Dr. Mumuni said, noting that more than three million Ghanaians are estimated to participate in the digital asset ecosystem, which accounts for activity worth billions of dollars.

Among the opportunities emerging from the sector, the deputy governor highlighted the tokenisation of real assets, which involves representing physical or financial assets in digital form on blockchain-based platforms. According to him, such developments could enhance market efficiency, deepen capital markets and create alternative channels through which businesses access financing.

His remarks come as regulators across Africa grapple with the rapid growth of digital asset adoption and seek to balance innovation with financial stability, consumer protection and market integrity.

Dr. Mumuni said Ghana has deliberately avoided both outright prohibition and regulatory inaction in responding to the sector’s growth. Instead, authorities have chosen to engage market participants and develop frameworks that bring digital asset activities within a formal regulatory perimeter.

“For too long, adoption ran ahead of regulation. Millions of citizens participated in a market operating largely outside the regulatory perimeter,” he said.

This approach has been anchored by the recently enacted Virtual Asset Providers Act, 2025 (Act 1154), which establishes a legal framework for virtual asset service providers. Authorities have also strengthened collaboration among the BoG, the Securities and Exchange Commission and the Financial Intelligence Centre to enhance oversight of the emerging industry.

In addition, the central bank has established a dedicated Virtual Assets Department and continues to test new technologies and business models through its regulatory sandbox programme before finalising longer-term regulatory arrangements.

The measures reflect a broader policy objective of supporting innovation while maintaining confidence in the financial system. Dr. Mumuni stressed that regulation should not be viewed as a constraint on innovation but rather as a mechanism that allows innovation to develop safely and sustainably.

Beyond capital market development, he identified cross-border payments as another area where digital infrastructure could generate significant economic benefits.

Digital settlement systems, he said, have the potential to reduce transaction costs, improve payment speeds and support the ambitions of the African Continental Free Trade Area by making it easier for businesses to transact across African markets.

The deputy governor also linked digital assets to broader financial inclusion goals. Drawing parallels with the growth of mobile money, he said the next generation of digital financial infrastructure could extend services to individuals and businesses that remain underserved by traditional banking channels.

At the same time, he reiterated that digital innovation must complement rather than undermine sovereign monetary systems. Ghana’s work on the eCedi, the proposed central bank digital currency, is intended to expand financial inclusion and payment efficiency while preserving the role of the national currency.

“Whatever we build, tokenize, or otherwise, we must not displace the cedi. A strong digital ecosystem should strengthen public money, not compete with it,” he said.

Looking ahead, Dr. Mumuni called for greater collaboration among regulators, financial institutions and technology firms across Africa, arguing that interoperability and integrated digital financial systems will require coordinated policy decisions rather than technological innovation alone.

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