The Securities and Exchange Commission (SEC) Ghana will begin licensing fintech firms to operate in the securities and capital market by the end of 2026, Deputy Director-General Mensah Thompson announced at the 3iAfrica Summit in Accra.
Speaking on “Ghana’s Approach to Virtual Assets: Enabling Innovation While Safeguarding Stability,” Mr. Thompson said the move is part of a deliberate push to deepen the market, expand retail participation, and position Ghana as a digitally native capital market hub.
From sandbox to licensing:
The SEC is currently running a regulatory sandbox admitting virtual asset firms to test products under supervision.
The purpose, Mr. Thompson said, is to gather real-time data to finalize guidelines for virtual assets, ensure rules match market realities, and confirm safeguards are adequate.
“By the end of this year the SEC shall begin licensing Fintechs in various areas of the market to offer innovative solutions to help deepen the market, build depth and improve retail participation,” he told delegates.
While most fintech attention in Ghana has focused on payments, Mr. Thompson said the bigger opportunity lies in securities and capital markets.
He cited areas ripe for disruption: aggregation and distribution of stocks and bonds, settlement and clearing solutions, digital securities lending and borrowing, forex trading and derivatives, and interoperability tools linking securities markets to banking, remittances and payments.
“The technologies there is still at a budding stage and that means the market is up for the taking by those who are thinking first,” he said.
Mr. Thompson said SEC market intelligence showed participation in virtual assets had surpassed subscriptions into Collective Investment Schemes in Ghana, signaling a structural shift in investor preference toward digital access, speed, fractional ownership, and borderless participation.
“When innovation outpaces regulation, the response cannot be silence or prohibition, but regulatory leadership,” he said.
The SEC’s approach is anchored in the _Virtual Asset Service Providers Act, 2025 (Act 1154)_, which sets licensing and registration requirements under SEC oversight in coordination with the Bank of Ghana.
The law is part of Ghana’s broader Capital Market Master Plan, which targets product diversification, broader participation, stronger infrastructure, and enhanced market confidence.
Ghana has rejected both unrestrained liberalization and premature prohibition, Mr. Thompson said.
Instead, the SEC is pursuing “measured innovation under supervisory discipline.”
“Our regulatory philosophy is not one of unrestrained liberalisation, nor one of reactionary prohibition, but of measured innovation grounded in market integrity, robust investor protection, and the preservation of financial stability,” he said.
He argued that digital assets are the missing catalyst for Ghana’s capital market. Tokenized securities, blockchain-enabled settlement, and programmable finance can expand products, lower barriers through fractional ownership, and improve efficiency and transparency.
The announcement comes as Ghana’s macro indicators stabilize. Mr. Thompson praised Bank of Ghana Governor Dr. Johnson Pandit Asiamah for bringing inflation down from 54% and strengthening the cedi in under a year.
Arguing that the Ghana Reference Rate now stands at 10.4%, with banks lending at rates as low as 12%, easing access to capital for businesses.
The SEC said it is working closely with the Bank of Ghana’s team and market participants to ensure the upcoming licensing regime is practical, risk-based, and aligned with how products actually operate.
