Ghana’s Securities and Exchange Commission (SEC) has announced plans to begin licensing fintech companies operating across segments of the capital market before the end of 2026, as the regulator formally positions virtual assets and digital finance at the centre of the country’s next phase of capital market development.
Acting Deputy Director-General of the SEC, Mensah Thompson, made the disclosure at the 3i Africa Summit 2026 in Accra, where he outlined the regulator’s emerging policy framework for virtual assets and its ongoing collaboration with the Bank of Ghana (BoG) to develop long-term guidelines for the digital finance sector.
Mr. Thompson said improving macroeconomic conditions and stabilisation measures by the central bank are already translating into renewed investor activity in domestic markets. Ghana had gone without a single Initial Public Offering (IPO) since 2019, but has recorded six major IPOs since last year, a development he said signals returning market confidence.
The SEC’s approach to virtual assets goes beyond cryptocurrency regulation. The regulator is examining applications including tokenised securities, digital bond issuance, blockchain-based settlement systems and digital investment distribution platforms, viewing these as components of a broader structural transformation in how capital markets operate.
A key finding has accelerated the pace of reform. The SEC’s internal data revealed that participation in virtual assets in Ghana has already surpassed subscriptions into collective investment schemes, one of the country’s traditional retail investment channels, prompting the regulator to conclude that innovation had outpaced its oversight framework.
In response, the SEC has established a virtual assets committee chaired by Mr. Thompson and launched two innovation sandboxes, one focused on virtual assets and one on fintech, to allow firms to test products under regulatory supervision before full market deployment. Fintech licensing across capital market service areas is intended to improve liquidity, broaden participation and strengthen market infrastructure.
The regulator said it will pursue what Mr. Thompson described as “measured innovation,” rejecting both unrestricted liberalisation and outright prohibition in favour of a framework grounded in investor protection, sound governance and financial stability.
“We are choosing to lead responsibly, innovate prudently and regulate intelligently,” he said.
Globally, the digital asset market has grown into an estimated US$3 trillion ecosystem, with tokenisation of bonds, equities and real estate projected to expand significantly in coming years. Ghana’s SEC said ongoing consultations with market participants will shape the final regulatory framework as the country seeks to establish itself as an early mover in Africa’s evolving digital finance landscape.
