The Securities and Exchange Commission has clarified why the Ghana Gold Board (GoldBod) has been included in its newly launched Virtual Asset Regulatory Sandbox, following questions about the presence of the state gold trading body alongside cryptocurrency and fintech firms.
According to the Commission, GoldBod’s participation is linked to ongoing work on innovative financial instruments tied to gold, including gold-backed securities, derivatives and the possible tokenisation of gold within Ghana’s evolving capital market framework.
Officials explained that the initiative is aimed at integrating traditional commodities such as gold into modern financial technology systems while ensuring proper regulatory oversight.
Deputy Director of the SEC, Mensah Thompson, noted that the arrangement aligns with the provisions of the GoldBod Act, which gives the national gold trading authority a central role in the trading, export and custody of gold in the country.
“The GoldBod Act monopolises the trading, export and custody of gold in Ghana with GoldBod,” he stated in a post on social media on Wednesday, March 11, 2026.
He explained that under the regulatory framework currently being developed, GoldBod will act as the sole custodian of all gold-backed securities issued within Ghana’s capital market.
“They will perform assaying, verification and vaulting of all the gold that will underlie these securities and issue periodic reports to the SEC as designed in the framework,” he added.
The clarification comes after the SEC formally admitted 11 institutions into its regulatory sandbox programme under the Virtual Asset Service Providers Act, 2025, which provides a legal framework for supervising digital asset services in Ghana.
The sandbox will run for 12 months and will allow participating firms to test digital asset and financial technology products in a controlled regulatory environment. The programme is also expected to help the Commission assess operational risks while finalising licensing rules for emerging virtual asset service providers.
Companies admitted into the sandbox include Africoin, Blu Penguin, GoldBod, HanyPay, Hyro Exchange GH Ltd, HSB Global, KoinKoin, Whitebit, Vaulta, XChain and BSystem Ltd.
Within the pilot programme, GoldBod is expected to test a gold tokenisation initiative through a special purpose vehicle designed to convert physical gold holdings into digital financial assets that can be traded within regulated markets.
At the same time, the institution will serve as the official custodian of the physical gold that underpins such securities, ensuring that the digital assets remain fully backed by verifiable gold reserves.
The SEC says the initiative will support the development of clear regulatory guidelines for gold-backed securities and tokenised gold assets in Ghana, while promoting innovation within the country’s financial markets.
Officials believe the sandbox programme could also help position Ghana as a regional hub for regulated digital asset innovation that is anchored on real sector commodities such as gold.
The Commission indicated that insights gathered during the testing phase will inform future regulatory frameworks and licensing regimes for virtual asset service providers operating in the country.
