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) to promote responsible adoption of virtual assets and strengthen consumer protection in Ghana’s growing digital finance sector.
The initiative follows the enactment of the Virtual Asset Service Providers Act, 2025 (Act 1154), which provides a regulatory framework for virtual asset activities in Ghana.
NaVALI is a collaborative initiative led by the BoG in partnership with the SEC, academia and key industry stakeholders.
It is focused on strengthening institutional capacity to regulate and supervise virtual assets and enabling technologies such as blockchain, while also increasing public awareness of the risks and implications of virtual assets.
The Ashanti Regional launch, held at the University of Skills Training and Entrepreneurial Development (USTED) under the theme “Understand Before You Undertake,” brought together regulators, industry players, consumer advocates and members of the media.
Speaking on the sidelines of the event, the Head of the Fintech and Innovation Department at the BoG, Elhanan Owureku Asare, said regulators were putting in place the necessary structures, systems and processes to ensure the timely and orderly implementation of the new law.
He said NaVALI was designed to place education and public awareness at the centre of Ghana’s digital finance regulatory framework.
According to him, the initiative seeks to equip consumers, industry players and public institutions with the knowledge needed to make informed decisions and avoid risky or uninformed participation in the virtual asset sector.
“Effective regulation and enforcement cannot be achieved by regulators alone without a clear understanding of how virtual assets work and the risks they carry,” he said.
Mr Owureku Asare said the initiative represented a proactive and collaborative approach to ensuring that innovation in virtual assets developed responsibly.
“NaVALI is a collaborative initiative being implemented by the Bank of Ghana and the Securities and Exchange Commission to intensify awareness around crypto and digital asset operations. Given that this is the new financial system in the modern world, we cannot do away with it,” he said.
He added that the initiative was necessary to prevent unscrupulous operators from taking advantage of and defrauding Ghanaians.
SEC cautions crypto investors
The Deputy Director-General for Finance at the SEC, Mensah Thompson, has cautioned Ghanaians interested in crypto and other digital assets to exercise vigilance before investing.
He urged prospective investors to verify the legitimacy of service providers before committing their funds.
“Individuals interested in investing in crypto or digital assets must be vigilant. You must ensure that any Virtual Asset Service Provider you deal with is licensed by the appropriate regulatory authorities,” he said.
Mr Thompson said licensing was critical to protecting consumers from fraud and safeguarding market integrity.
“We don’t want a situation where unlicensed operators take advantage of Ghanaians. That is why it is important for the public to check and confirm that any platform they use has approval from the Bank of Ghana or the SEC,” he added.
He said regulation and public education must go hand in hand to create a safe and well-informed digital finance ecosystem.
Mr Thompson described the Virtual Asset Service Providers Act as a significant milestone that would reshape Ghana’s financial ecosystem, including banking, capital markets and emerging digital finance activities.
He said the legislation represented a fundamental shift in how financial services would be delivered and regulated as virtual assets and blockchain technology increasingly influence traditional financial systems.
He also expressed the SEC’s commitment to working closely with the BoG to support industry players and market operators as they adapt to the new regulatory environment.
Promoting financial inclusion
Mr Thompson said virtual assets and emerging financial technologies offered significant opportunities for financial inclusion, efficiency and economic growth but also posed risks to investor protection, market integrity and financial stability.
He therefore called for a comprehensive and coordinated national approach to balance innovation with effective safeguards.
Prof. Joseph Antwi Baafi, Lead Knowledge Partner for NaVALI and Head of the Department of Economics at USTED, said the awareness campaign would be decentralised to ensure that Ghanaians across the country were reached.
“We will be carrying out this exercise in our various schools, marketplaces, churches and other gathering places. The idea is to take the conversation directly to the people, because digital finance is no longer limited to offices and banks,” he said.
Prof. Antwi Baafi said Ghana could not afford to ignore digital assets because they were becoming part of the global financial system.
“We cannot ignore digital assets. They are part of the new financial world. Our job is to make sure Ghanaians are not left behind, and that they are protected as they engage,” he said.
He urged citizens to actively participate in the awareness programmes, stressing that knowledge was the first line of defence against fraud.
“This, I believe, will help them to understand digital money, virtual assets, the opportunities available, the risks involved, and the safety practices they need to adopt,” he added.
Prof. Antwi Baafi, who co-authored the National Virtual Assets Education Manual, said the manual would serve as the primary resource for trainers and facilitators during the nationwide outreach.
The Dean of the School of Graduate Studies at USTED, Prof. Humphrey Danso, said the manual would also serve as a structured tool for public education, policy engagement and stakeholder dialogue.
He cautioned against fraudulent investment schemes and said education remained the best defence against financial deception.
“Many of us still recall the damage done by fraudulent investment schemes that impacted thousands of Ghanaian households. Today’s fraudster does not necessarily knock on your front door. They enter your mobile phone, appear on your social media timeline, create convincing websites, and impersonate respected institutions,” he said.
He noted that fraudsters often lure victims with promises of huge returns, exploit trust and prey on fear and hope.
“The greatest weapon against such deception is not fear. It is education,” he concluded.
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