BoG says tokenisation will deepen Ghana’s capital market
The Bank of Ghana is positioning asset tokenisation as a key tool to deepen the country’s capital market and expand access to finance. Speaking at a financial inclusion forum, Deputy Governor Dr Zakari Mumuni explained that tokenisation is the process of converting real-world assets into digital tokens on a blockchain. These tokens can represent shares, bonds, real estate, commodities, or other assets. Once tokenised, the assets can be traded in smaller units, making them affordable to more investors.
“Tokenisation has the potential to transform how we raise capital and invest in Ghana,” Dr Mumuni said. “It can improve market liquidity, reduce transaction costs, and open the market to retail investors who previously could not participate due to high entry barriers.”
The BoG noted that Ghana’s capital market still faces challenges with low liquidity and limited product diversity. Tokenisation could address this by creating new tradable assets and attracting both local and foreign investors. For example, a high-value property could be split into thousands of tokens, allowing small investors to own a fraction without buying the entire asset.
Dr Mumuni added that the central bank is working closely with the Securities and Exchange Commission, market operators, and technology firms to develop a regulatory framework. The goal is to protect investors from fraud and cyber risks while encouraging innovation. Key areas under review include digital identity verification, custody of digital assets, and anti-money laundering rules.
Globally, countries like Singapore, Switzerland, and Nigeria are already testing tokenised securities and bonds. The BoG says Ghana can learn from these models to avoid mistakes and build investor confidence. Investor education will also be a priority, since many Ghanaians are still unfamiliar with blockchain and digital assets.
Market analysts believe that if the regulatory environment is clear and supportive, tokenisation could unlock billions of cedis in dormant assets. It could also help government raise funds for infrastructure through tokenised bonds, and allow SMEs to raise capital without going through traditional bank loans.
The BoG stressed that this will be a gradual process. Pilot projects are expected to start once the legal and technical framework is ready. The central bank urged all stakeholders to engage in the consultation process to ensure the system is inclusive and safe.
About The Author
