GSE outlines tokenised securities strategy as Ghana tests digital investment models

The Ghana Stock Exchange (GSE) is exploring the use of tokenisation and other emerging technologies to modernise investment issuance, trading and settlement processes as part of efforts to improve the country’s capital market.

The Exchange’s Managing Director, Abena Amoah, disclosed this at the Africa Virtual Asset Summit (AVAS) 2026 in Accra on Monday, November 2.

She said the GSE was collaborating with regulators and technology partners, while drawing lessons from international markets, to assess digital solutions that could enhance market access, operational efficiency and investor confidence.

The proposed strategy focuses not only on how digital assets are created and traded but also on the systems required to support clearing and settlement after transactions have been completed.

Tokenisation refers to the creation of digital representations of assets on programmable platforms. The process can be applied to financial instruments such as securities and physical assets. A report by the Bank for International Settlements and its Committee on Payments and Market Infrastructures indicates that tokenisation could link different stages of an asset's lifecycle.

Ghana is already testing some of these applications through the Securities and Exchange Commission’s virtual asset sandbox, which allows selected providers to operate pilot projects under regulatory supervision.

In a public notice issued on August 19, the SEC identified 20 participants and outlined their respective pilot activities. Among them were AFRICOIN Ghana Limited, which is testing gold tokenisation; GFX Brokers Limited, focusing on Treasury bill tokenisation; One Africa Securities Limited, exploring bonds; and WeWire Ghana Limited, working on trade finance.

The Commission said the pilot projects would generate evidence to guide the development of requirements for licensing and registration based on specific activities. The initiative is therefore a supervised testing process rather than a general authorisation for commercial operations.

The adoption of digital investment systems could make the issuance, holding and transfer of assets more efficient for businesses and investors. However, the BIS report cautions that such benefits would depend on effective governance arrangements and robust risk management.

Ms Amoah said technological innovation would not change the Exchange’s responsibility to protect investors.

“The token may be new, but our obligation to the investor is not,” she stressed.

She also pointed to artificial intelligence as a potential tool for improving market surveillance, while emphasising the need for human accountability and adequate cybersecurity safeguards.

Regulatory oversight is expected to play a key role in determining how the proposed innovations are introduced into Ghana’s financial market.

Speaking at the summit, Bank of Ghana Governor Dr Johnson Pandit Asiama said the success of the Virtual Asset Service Providers Act, 2025 (Act 1154), would depend largely on effective implementation and enforcement.

He identified the protection of customer assets and the maintenance of financial integrity as essential elements in building public confidence in the virtual asset sector.