The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have launched the Ashanti Regional phase of the National Virtual Asset Literacy Initiative (NaVALI). This program aims to protect financial stability in Ghana’s fast-growing digital finance sector. The initiative follows the enactment of the Virtual Asset Service Providers Act 2025 (Act 1154). It seeks to ensure that innovation in virtual assets progresses responsibly, with a strong emphasis on consumer protection and market integrity.
NaVALI is a collaborative effort led by the Bank of Ghana in partnership with the Securities and Exchange Commission, academia, and key industry stakeholders. It has two main objectives. First, it aims to strengthen institutional capacity in virtual assets and enabling technologies like blockchain for effective regulation and supervision. Second, it drives nationwide awareness of the risks and implications of virtual assets to prevent uninformed and risky adoption as the sector evolves.
This initiative is crucial for Ghana's economic landscape, which is increasingly embracing digital financial services. The Virtual Asset Service Providers Act 2025 (Act 1154) provides a legal framework for virtual assets. NaVALI builds on this by ensuring that both institutions and the public are equipped to navigate this new financial frontier. This proactive approach helps to mitigate potential financial instability and protect citizens from fraudulent schemes in the digital space.
Elhanan Owureku Asare, Head of the Fintech and Innovation Department at the Bank of Ghana, stated that regulators are establishing necessary structures, systems, and processes. These measures ensure the timely and orderly operationalisation of the new Act. He explained that NaVALI places education and awareness at the centre of the country’s digital finance regulatory framework. The goal is to equip consumers, industry players, and public institutions with the knowledge needed to make informed decisions.
Mensah Thompson, Deputy Director-General for Finance at the Securities and Exchange Commission, cautioned Ghanaians interested in crypto and digital financial asset operations to be vigilant. He stressed that investors must verify the legitimacy of service providers before committing any funds. Mr. Thompson highlighted that licensing is key to protecting consumers from fraud and ensuring market integrity in the growing digital asset space. He urged the public to confirm that any platform they use has approval from the Bank of Ghana or the SEC.
The launch, held at the University of Skills Training and Entrepreneurial Development (USTED), adopted the theme: “Understand before you undertake.” This theme underscores the importance of informed decision-making in the virtual asset space. Regulators, market players, consumer advocates, and media members attended the event. Prof. Joseph Antwi Baafi, Lead Knowledge Partner for NaVALI and Head of the Department of Economics at USTED, confirmed that the awareness drive will be decentralized.
Owureku Asare emphasized that a well-informed ecosystem is critical to safeguarding consumer protection, market integrity, and financial stability. He added that effective regulation and enforcement cannot be achieved by regulators alone without a clear understanding of how virtual assets work. The initiative reflects a proactive and collaborative approach to ensuring that innovation in virtual assets progresses responsibly. This strategic plan is necessary to prevent operators from taking advantage of and defrauding Ghanaians.
Mr. Thompson further stressed that the Virtual Asset Service Providers Act represents a defining milestone that will reshape the country’s financial ecosystem. This includes banking, capital markets, and emerging digital finance activities. He said the legislation signals a fundamental shift in how financial services will be delivered and regulated. Virtual assets and blockchain technology will increasingly influence traditional systems. The SEC is committed to close collaboration with the BoG to support industry players and market operators as they adjust to the new regulatory landscape.
While virtual assets offer strong prospects for financial inclusion, efficiency, and economic growth, they also carry risks to investor protection, market integrity, and financial stability. A comprehensive and well-coordinated national approach is required to balance innovation with effective safeguards. This educational initiative is a critical step in Ghana's national journey to deepen understanding of virtual assets and their role within the broader financial system.